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Syniverse Technologies sets pricing in tender for 12¾% notes due 2009
New York, Aug. 23 - Syniverse Technologies said it has fixed pricing in its tender offer for its 12¾% senior subordinated notes due 2009.
Holders who tendered before the consent deadline will receive $1,098.80 per $1,000 principal amount, including the $30.00 per $1,000 consent payment.
Pricing was fixed at 2 p.m. ET on Aug. 22.
Syniverse said it expects to pay for notes tendered by the consent deadline on Aug. 24.
On Aug. 22, the company announced it had received the necessary consents to amend the notes. As of the consent solicitation expiration at 5 p.m. ET on Aug. 19, holders had tendered with consents 86.5% of the $159.25 million of notes outstanding.
The amendments allow the company to eliminate most of the restrictive covenants and some events of default.
The tender offer will end at midnight ET on Sept. 2.
As previously announced, for each $1,000 principal amount of notes, Syniverse would pay a price determined using a yield of 50 basis points over the bid-side yield to maturity of the 1.875% U.S. Treasury note due Jan. 31, 2006. The total includes a consent payment of $30.00 per $1,000 that will only be paid to holders who tender with consents by the consent deadline.
Syniverse intends to fund the tender with debt financing, and the offer depends on it receiving enough to finance the tender.
Lehman Brothers Inc. is dealer manager and solicitation agent (800 438-3242 or call collect 212 528-7581). The information agent and tender agent is D.F. King & Co., Inc. (800 758-5378 or call collect 212 269-5550).
Based in Tampa, Fla., Syniverse provides technology services to wireless telecommunications companies.
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