Syniverse buys $85.75 million 12¾% notes in oversubscribed tender

New York, Feb. 25 - Syniverse Technologies said it bought $85.75 million of its 12¾% senior subordinated notes due 2009 at the maximum price of $1,113.00 per $1,000 principal amount in its oversubscribed tender offer for the securities.

By the expiration date of midnight ET on Feb. 24 the company had received tenders of $102.079 million of the notes.

All tenders submitted below the clearing level of $1,113.00 per $1,000 will be accepted. Those who tendered at the clearing level will have 77.4% of their notes purchased.

Holders who tendered before the consent deadline of 5 p.m. ET on Feb. 9 will receive an additional $30.00 per $1,000 principal amount of notes accepted.

Syniverse said on Feb. 10 it received tenders of $102 million of its 12¾% senior subordinated notes due 2009 by the early tender deadline.

The Tampa, Fla., provider of technology services to wireless telecommunications companies announced on Jan. 27 it had begun a modified Dutch auction tender offer for up to $85.75 million of its $245 million of 12¾% notes.

Syniverse will accept offers to purchase between $1,093.00 and $1,113.00 per $1,000 principal amount of the notes. Under the auction procedures, it will accept tenders from the lowest upwards until it reaches the desired total principal amount. All holders whose tenders are accepted will receive the lowest price needed to buy that amount of notes.

All holders whose notes are accepted will receive accrued interest up to but excluding the date of purchase.

Syniverse will use part of the proceeds from the initial public offering of common stock by its parent company, Syniverse Holdings, Inc., and/or borrowings under a new senior credit facility to fund the tender.

The offer is subject to the IPO closing.

Lehman Brothers Inc. is dealer manager for the tender (contact Liability Management Group at 800 438-3242 or call collect 212 528-7581), and D.F. King & Co., Inc. (800 848-2998, banks and brokers call 212 269-5550) is information agent and tender agent.

© 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.