Syniverse delayed-draw term loan gets funded into escrow account

By Sara Rosenberg

New York, May 30 - Syniverse Holdings' $700 million delayed-draw add-on senior secured covenant-light term loan (B1/BB-) was funded into an escrow account on May 28, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

The debt will be released from escrow when a number of conditions are met, including the closing of the acquisition of MACH.

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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