Onvoy plans new credit facility for merger with Inteliquent

By Sara Rosenberg

New York, Nov. 4 – Onvoy LLC expects to get a new credit facility to help fund its merger with Inteliquent Inc. that will take place in connection with Inteliquent’s buyout by GTCR LLC, according to a market source.

Credit Suisse Securities (USA) LLC is the lead bank on the debt.

The new credit facility will include a revolver, a $500 million first-lien term loan and a $180 million second-lien term loan, the source said.

Other funds for the transaction will come from equity.

Under the agreement, Inteliquent is being bought for $23.00 in cash per share of common stock. The value of the transaction is about $800 million.

Closing is expected in the first quarter of 2017, subject to approval from Inteliquent stockholders, the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as well as FCC and state regulatory approvals, and other customary conditions. The transaction is not subject to financing.

Onvoy is a Plymouth, Minn.-based communications enabler. Inteliquent is a Chicago-based interconnection partner for communications service providers.

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