Syniverse to launch $489 million credit facility on Wednesday

By Sara Rosenberg

New York, June 25 - Syniverse Technologies has scheduled a conference call for Wednesday morning to launch its proposed $489 million senior secured credit facility, according to a market source.

Lehman Brothers and Deutsche Bank are the joint lead arrangers and joint bookrunners on the deal, with Lehman the left lead.

The facility consists of a $42 million revolver, a $20 million euro-denominated revolver, a $297 million term loan and a $130 million euro-denominated term loan.

Price talk on the deal is expected to emerge at the launch, the source added.

Proceeds will be used to fund the $290 million proposed acquisition of Billing Services Group Ltd.'s wireless division, a provider of clearing, settlement, payment and financial risk management services for communications service providers, and to refinance Syniverse's existing senior secured credit facility.

When the acquisition was first announced in April, the company had said that financing for the deal would come from $290 million in incremental term loan debt, with this add-on expected to carry an interest rate of Libor plus 200 basis points, in line with existing term loan pricing. At that time, the refinancing of Syniverse's existing bank debt was not mentioned.

Syniverse is a Tampa, Fla., provider of mission-critical technology services to wireless telecommunications companies.

© 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.