72 Mobile Holdings debt financing commitment sized at $170 million

By Sara Rosenberg

New York, Dec. 21 - 72 Mobile Holdings LLC's debt financing commitment for its buyout of Airvana Inc. is for an amount of up to $170 million, according to an 8-K that was filed with the Securities and Exchange Commission late Friday.

The debt financing is being led by GSO Capital Partners LP.

Other financing for the transaction will come from $103.1 million in equity.

Under the terms of the agreement, 72 Mobile Holdings, an entity that was formed by S.A.C. Private Capital Group LLC, GSO Capital Partners, Sankaty Advisors LLC and ZelnickMedia for the acquisition, will purchase each share of Airvana common stock for $7.65 cash.

The transaction is valued at about $530 million.

Completion of the buyout is expected to occur by the end of the first quarter of 2010, subject to approval of Airvana shareholders, regulatory approvals and other closing conditions. There is no financing condition.

Airvana is a Chelmsford, Mass.-based provider of mobile broadband network infrastructure products.

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