Sorenson Holdings pulls $950 million term loan from market

By Sara Rosenberg

New York, Nov. 27 – Sorenson Holdings LLC withdrew its $950 million five-year covenant-light first-lien term loan (B2/B) from the primary market.

The company said in a news release that it decided not to proceed with the transaction due to market conditions.

The term loan was talked at Libor plus 600 basis points with a 0% Libor floor, an original issue discount of 97 and 101 soft call protection for one year.

Credit Suisse Securities (USA) LLC was the lead bank on the deal.

Proceeds would have been used to refinance existing debt.

The company intends to continue to explore opportunities to refinance its outstanding debt should market conditions improve, the news release added.

Sorenson is a Salt Lake City-based provider of end-to-end communication technology services for the deaf and hard of hearing.

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