Moody’s raises Syniverse to B3

Moody's Investors Service said it upgraded Syniverse Holdings, Inc.'s corporate family rating to B3 from Caa1 following the company's continuing and steady improvement in operating fundamentals as demonstrated by revenue growth for the first time in 13 quarters in third quarter 2017, as well as in the recent fourth quarter, compared with the same periods the previous year.

EBITDA growth, which began in first quarter 2017 after 10 quarters of declines, has been sustained through all quarters of 2017 compared with the same periods in 2016, and provides further evidence of Syniverse's operational turnaround, the agency explained.

Moody's also upgraded Syniverse's probability of default rating to B3-PD from Caa1-PD.

“The upgrade also contemplates Syniverse's planned refinancing of the secured component of its capital structure,” the agency said in a news release.

“The company's proposed debt package is comprised of a $1.552 billion new five-year term loan and an up to $120 million five-year revolving credit facility. The proceeds of the debt raise will be used to repay the company's outstanding bank loans.”

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