Syniverse ups spread on $925 million term B to Libor plus 375 bps

By Sara Rosenberg

New York, April 17 - Syniverse Technologies increased pricing on its $925 million seven-year covenant-light term loan B to Libor plus 375 basis points from Libor plus 350 bps, according to a market source.

Also, the original issue discount widened to 99 from 991/2, the source said.

The 1.25% Libor floor and 101 soft call protection for one year were left unchanged.

The company's $1,075,000,000 credit facility also includes a $150 million five-year revolver.

Recommitments are due at noon ET on Wednesday, the source added.

Barclays Capital Inc., Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are the lead banks on the deal.

Proceeds will be used to take out an existing credit facility that is priced at Libor plus 375 bps with a 1.5% Libor floor.

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

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