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S&P puts Syniverse on watch
S&P said it put all its Syniverse Holdings Inc. ratings on CreditWatch with negative implications.
“The CreditWatch placement follows Syniverse's announcement that it will remain a private company and pursue an alternative transaction following the termination of its merger with special purpose acquisition company M3-Brigade Acquisition II Corp. Syniverse's $2.85 billion merger with M3-Brigade was terminated due to shareholder redemptions that exceeded the minimum level required to close the deal,” S&P said in a press release.
The CreditWatch, the agency said, indicates the potential for a one-notch downgrade, which depends on Syniverse's ability to obtain new financings that would enable it to lower its debt such that its capital structure as sustainable.
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