Sorenson Communications increases term loan B size to $550 million

By Sara Rosenberg

New York, March 11 - Sorenson Communications Inc. upsized its term loan B (B1/B-) due Oct. 31, 2014 to $550 million from $500 million, according to a market source.

Price talk on the loan is still Libor plus 825 basis points with a 1.25% Libor floor and an offer price of 99½ to par.

The loan has hard call protection of 102½ for six months and 101 for six months.

The maturity date of the loan is 91 days inside of the existing second-lien term loan maturity date.

J.P. Morgan Securities LLC and Goldman Sachs & Co. are the lead banks on the deal.

Proceeds will be used to repay an existing term loan, and the funds from the upsizing will be used to put cash on the balance sheet, the source added.

Recommitments were due at 5 p.m. ET on Monday.

Sorenson is a Salt Lake City-based provider of Video Relay telecommunication and interpreting and CaptionCall telephone service for deaf and the hard-of-hearing.

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