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Telcordia launches $620 million credit facility with opening pricing of Libor plus 250 bps
By Sara Rosenberg
New York, Feb. 16 - Telcordia Technologies Inc. came out with opening price talk of Libor plus 250 basis points on both its $100 million revolving credit facility and $520 million term loan B as the deal launched via a bank meeting on Wednesday, according to a market source.
JPMorgan, Bear Stearns, Deutsche Bank and Lehman Brothers are lead banks on the deal, with JPMorgan the left lead.
The $620 million credit facility (B1/B+) will be used to help fund the leveraged buyout of the company by Providence Equity Partners and Warburg Pincus for $1.35 billion in cash.
Telcordia is a Piscataway, N.J, provider of telecommunications software and services for IP, wireline, wireless and cable.
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