By Paul A. Harris
St. Louis, Dec. 16 - Syniverse Holdings, Inc. priced a $475 million issue of eight-year senior notes (Caa1/B-/) at par to yield 9 1/8% on Thursday, according to an informed source.
The yield printed at the tight end of the 9¼% area price talk.
Credit Suisse Securities, Barclays Capital Inc. and Goldman Sachs & Co. are the joint bookrunners for the Rule 144A and Regulation S with registration rights offering.
Proceeds will be used to fund the leveraged buyout of the company by the Carlyle Group.
The proceeds will be placed in escrow pending the closing of the acquisition.
The issuing entity, a special purpose vehicle, will be merged with and into Syniverse, a Tampa, Fla.-based provider of technology and business services for the telecommunications industry.
| Issuer: | Buccaneer Merger Sub, Inc., to be merged with and into Syniverse Holdings, Inc.
|
| Amount: | $475 million
|
| Maturity: | Jan. 15, 2019
|
| Securities: | Senior notes
|
| Bookrunners: | Credit Suisse Securities, Barclays Capital Inc., Goldman Sachs & Co.
|
| Coupon: | 9 1/8%
|
| Price: | Par
|
| Yield: | 9 1/8%
|
| Spread: | 598 bps
|
| First call: | Callable on Jan. 15, 2015
|
| Equity clawback: | 35% at 109.125 until Jan. 15, 2014
|
| Change-of-control put: | 101%
|
| Trade date: | Dec. 16
|
| Settlement date: | Dec. 22
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 9¼% area
|
| Marketing: | Roadshow
|
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