S&P rates Syniverse second-lien loan CCC+

S&P said it assigned its CCC+ issue-level rating to Syniverse Holdings Inc.'s new $220 million second-lien term loan due 2024.

The 6 recovery rating indicates an expectation of negligible (0%-10%; rounded estimate: 0%) recovery of principal and interest in the event of payment default.

The second-lien term loan is part of the company's new financing package announced on Jan. 29, which is being modified as a result of strong investor interest.

The debt will now consist of a $1.702 billion first-lien term loan B due in 2024, increased from $1.552 billion, a new $220 million second-lien term loan due in 2024 and a $120 million senior secured revolving credit facility due in 2023.

Net proceeds from the incremental first-lien term loan and new second-lien term loan will be used to repay $370 million of senior unsecured notes issued by wholly owned subsidiary Syniverse Foreign Holdings Corp.

The B corporate credit rating, secured debt rating and the stable outlook are unchanged.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.