Syniverse expects $700 million term loan pricing at Libor plus 425 bps

By Sara Rosenberg

New York, Aug. 8 - Syniverse Technologies Inc. anticipates its proposed $700 million seven-year covenant-light senior secured term loan to be priced at Libor plus 425 basis points with a 1.25% Libor floor, according to a 10-Q filed with the Securities and Exchange Commission on Wednesday.

Barclays Capital Inc., Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. are the joint lead arrangers and bookrunners on the deal.

Proceeds will be used to help fund the purchase of MACH for about €550 million in cash.

Closing on the acquisition is subject to regulatory approvals.

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

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