Syniverse $290 million credit facility to launch Wednesday

By Sara Rosenberg

New York, Jan. 4 - Syniverse Holdings Inc. is scheduled to hold a bank meeting Wednesday to launch its proposed $290 million credit facility, according to a market source.

Lehman Brothers is the sole lead bank on the deal.

The facility consists of a $240 million term loan and a $50 million revolving credit facility, the source said, adding that price talk will be available after the meeting.

Proceeds will be used with proceeds from an initial public offering of common stock to repay and refinance all outstanding bank debt, tender for the company's 12¾% senior subordinated notes and redeem convertible preferred stock.

Syniverse is a Tampa, Fla.-based communications technology company.

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