Recovery Report: Syniverse Holdings Inc.'s Recovery Rating Profile Jan 13

  • ID: 2383579
  • January 2013
  • Standard & Poors
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  • Syniverse Holdings Inc.
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We are updating our recovery analysis on U.S.-based Syniverse Holdings Inc., a provider of services to the wireless industry, to reflect its proposed $625 million delayed-draw term loan, which will partly fund its proposed acquisition of The MACH Group. We have assigned issue-level and recovery ratings to the proposed term loan. Our issue-level and recovery ratings on this loan are in line with our ratings of the company's existing term loans. Our ratings on the company's existing senior secured and senior unsecured debt remain unchanged. Standard & Poor's Ratings Services' simulated default scenario contemplates a default during 2017, primarily stemming from continued consolidation among wireless carriers; a weakening of Syniverse's pricing power; and declining transaction volumes. We assume that Syniverse...

Companies mentioned in this report are:
- Syniverse Holdings Inc.

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

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- Syniverse Holdings Inc.

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