Sorenson $565 million credit facility to launch Oct. 18

By Sara Rosenberg

New York, Oct. 11 - Sorenson Communications is scheduled to hold a bank meeting on Oct. 18 to launch its proposed $565 million credit facility, according to a market source.

Bank of America and Royal Bank of Scotland are joint lead arrangers on the deal, with the left lead still to be determined.

The facility consists of a $20 million revolver talked at Libor plus 275 basis points, $390 million first-lien term loan talked at Libor plus 275 bps and $155 million second-lien term loan talked at Libor plus 650 bps, the source said.

Term loan sizes are somewhat fluid at this point and may be tweaked slightly prior to launch, the source added.

Proceeds from the credit facility will be used to help fund GTCR Golder Rauner LLC's acquisition of Sorenson Communications from the Sorenson family. The transaction is scheduled to close in November.

Sorenson Communications is a Salt Lake City-based provider of video relay services and equipment for the deaf and hard-of-hearing community.

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