January 4, 2018
Syniverse completes voluntary note redemption
Syniverse Holdings, Inc. (“Syniverse”) today announced that on Dec. 29, 2017, the company voluntarily redeemed $40 million aggregate principal amount of its 9.125% Senior Notes due 2019 (the “Notes”).
TAMPA, Fla. – Jan. 4, 2018 — Syniverse Holdings, Inc. (“Syniverse”) today announced that on Dec. 29, 2017, the company voluntarily redeemed $40 million aggregate principal amount of its 9.125% Senior Notes due 2019 (the “Notes”).
“This voluntary note redemption is part of Syniverse’s ongoing efforts to address the Company’s debt maturities and continue to reduce its outstanding debt,” said Bob Reich, Chief Financial Officer, Syniverse. “When combined with debt extinguishments we made earlier in the year, Syniverse reduced its outstanding debt by a total of $65.6 million in 2017.”
Pursuant to the indenture governing the Notes, the Notes were redeemed at 100% of the principal amount thereof, plus accrued and unpaid interest to, but excluding, the date of redemption. Following the completion of the redemption, $41.7 million aggregate principal amount of the Notes remains outstanding.
As a result of the aggregate outstanding principal amount of the Notes being less than $50 million, pursuant to the credit agreement governing the Company’s revolving credit facility and term loan facilities, the “springing maturity date” is no longer applicable, meaning that (1) the scheduled maturity date of the revolving credit commitments will be the earlier of (x) January 15, 2019, and (y) the date of termination in whole of the revolving credit commitments, the letter of credit sublimit, and the swing line facility, and (2) the Company’s term loan facilities will mature on April 23, 2019, unless earlier repaid or refinanced.
Syniverse is the leading global transaction processor that connects approximately 1,500 mobile service providers, enterprises, ISPs and OTTs in nearly 200 countries and territories, enabling seamless mobile communications across disparate and rapidly evolving networks, devices and applications. We deliver innovative cloud-based solutions that facilitate superior end-user experiences through always-on services and real-time engagement. For more than 30 years, Syniverse has been simplifying complexity to deliver the promise of mobility – a simple, interoperable experience, anytime, anywhere.
This press release may contain “forward-looking statements.” These forward-looking statements include, but are not limited to, the Company’s debt maturities and ongoing efforts to reduce its outstanding debt. Forward-looking statements identify prospective information. Important factors could cause actual results to differ, possibly materially, from those stated in the forward-looking statements. Some of the forward-looking statements can be identified by the use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “potential,” “should,” “will” and “would” or the negatives thereof, variations thereof or other similar words. These forward-looking statements include all matters that are not related to present facts or current conditions or that are not historical facts. Forward-looking statements are based on information available to us at the time and management's good faith belief with respect to future events, and are subject to risks and uncertainties that may be beyond our control or that could cause actual performance or results to differ materially from those expressed in the statements. Forward-looking statements speak only as of the date the statements are made. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable law. If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect thereto or with respect to other forward-looking statements.
Syniverse is the world’s most connected company—we pioneer innovations that take businesses further. Our secure, global network reaches billions of people and devices. Our engagement platform powers the customized experiences of the future. And the millions of secure transactions we drive every minute are revolutionizing how goods and services are exchanged. We have always led companies to reimagine the boundaries of possibility. Today we’re delivering on opportunities with the power to change the world.