Telular plans new debt financing for buyout by Avista Capital Partners

By Sara Rosenberg

New York, April 29 - Telular Corp. has received a debt commitment to help fund its acquisition by Avista Capital Partners, according to a news release.

SunTrust Robinson Humphrey Inc. is the lead bank on the financing.

Under the agreement, Telular is being purchased for $12.61 per share net in cash and about $18.5 million in assumed net debt, or roughly $253 million in total consideration.

Closing is expected within 50-75 days, subject to the tender of at least two-thirds of the company's outstanding shares of common stock, the expiration or termination of the waiting period under the Hart Scott Rodino Antitrust Improvement Act of 1976, and the receipt of any applicable consents or approvals from the Federal Communications Commission.

There is a go shop period through May 29.

Telular is a Chicago-based provider of remote monitoring and asset tracking solutions for business and residential customers.

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