Syniverse launches $625 million add-on term loan at Libor plus 325 bps

By Sara Rosenberg

New York, Jan. 22 - Syniverse Holdings launched with a call on Tuesday its $625 million delayed-draw add-on senior secured term loan due April 2019 with price talk of Libor plus 325 basis points with a 1.25% Libor floor and an original issue discount of 99 to 991/2, according to a market source.

The loan has a ticking fee of 100 bps for the first month, half the spread for the second and third months and the full spread therafter, the source said.

Commitments are due on Jan. 30.

Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Goldman Sachs & Co. are the joint lead arrangers and bookrunners on the deal.

Proceeds will be used to help fund the purchase of MACH for about €550 million in cash.

Closing on the acquisition is subject to regulatory approvals.

Syniverse is a Tampa, Fla.-based provider of technology and business services for the telecommunications industry. MACH is a Luxembourg-based provider of cloud-based communication services.

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