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Syniverse plans $290 million incremental term loan for acquisition financing
By Sara Rosenberg
New York, April 2 - Syniverse Technologies has received a commitment for a $290 million incremental term loan to help fund its acquisition of the wireless clearing and financial settlement business of Billing Services Group, company officials said in a conference call Monday.
Lehman Brothers, Deutsche Bank and Bear Stearns are the lead banks on the deal.
The incremental term loan is expected to carry an interest rate that is consistent with existing term loan pricing, which is Libor plus 200 basis points, officials said in the call.
Syniverse is buying the provider of clearing, settlement, payment and financial risk management services for communications service providers for about $290 million in cash, which includes debt to be refinanced at closing.
The transaction is subject to customary closing conditions, including Billing Services shareholder approval and regulatory approvals, and is expected to close as soon as the approvals are obtained.
Syniverse is a Tampa, Fla., provider of mission-critical technology services to wireless telecommunications companies.
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