Syniverse tenders for up to $85.75 million of 12¾% notes

New York, Jan. 27 - Syniverse Technologies said it has begun a modified Dutch auction tender offer for up to $85.75 million of its $245 million of 12¾% senior subordinated notes due 2009.

Syniverse will accept offers to purchase between $1,093.00 and $1,113.00 per $1,000 principal amount of the notes. Under the auction procedures, it will accept tenders from the lowest upwards until it reaches the desired total principal amount. All holders whose tenders are accepted will receive the lowest price needed to buy that amount of notes.

The offer expires at midnight ET on Feb. 24.

The Tampa, Fla., provider of technology services to wireless telecommunications companies will also pay an early tender premium of $30.00 per $1,000 principal amount to holders who tender by 5 p.m. ET on Feb. 9 and whose tenders are accepted.

All holders whose notes are accepted will receive accrued interest up to but excluding the date of purchase.

Syniverse will use part of the proceeds from the initial public offering of common stock by its parent company, Syniverse Holdings, Inc., and/or borrowings under a new senior credit facility to fund the tender.

The offer is subject to the IPO closing.

Lehman Brothers Inc. is dealer manager for the tender (contact Liability Management Group at 800 438-3242 or call collect 212 528-7581), and D.F. King & Co., Inc. (800 848-2998, banks and brokers call 212 269-5550) is information agent and tender agent.

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