Syniverse firms Thursday launch for $1.175 billion credit facility

By Sara Rosenberg

New York, Nov. 29 - Syniverse Technologies has firmed up the Thursday launch for its $1.175 billion senior secured credit facility, setting the bank meeting at the New York Palace with a 9:30 a.m. start time, according to a market source.

Barclays Capital, Credit Suisse and Goldman Sachs are the lead banks on the deal.

The credit facility consists of a $150 million revolver and a $1.025 billion term loan.

Proceeds from the facility, along with $475 million of senior notes and up to $1.245 billion of equity, will be used to help fund the buyout of the company by the Carlyle Group for $31 per share. The transaction is valued at $2.6 billion.

Closing is expected in the first quarter of 2011, subject to customary conditions, including stockholder approval and various regulatory organizations. It is not subject to financing.

Syniverse is a Tampa, Fla.-based provider of technology and business services for the telecommunications industry.

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