Syndication of a $330 million refinancing credit for Stratus Technologies was launched last week with Goldman Sachs and Deutsche Bank at the wheel. Stratus, which is owned by Invest Corp., is using the transaction to refinance some of its undisclosed bonds. The deal consists of a $30 million revolver, a $175 million term loan "B" and a $125 million second-lien loan. The deal launched last Thursday.
Price talk on the revolving credit facility and term loan "B" is in the LIBOR plus 2 3/4-3% range. Price talk on the second-lien loan is in the LIBOR plus 7-7 1/2% range. Moody's Investors Service assigned a rating of B1 to the revolver and term loan and rated the second lien Caa1. Standard & Poor's assigned a B- rating to the first-lien facilities and a CCC rating to the second-lien facility.
Based in Maynard, Mass., Stratus provides integrated technological solutions across a wide range of industries that includes telecommunications, public safety, life sciences, manufacturing, financial services, and travel, transportation and logistics. A call to Robert Laufer, senior v.p. and cfo at Stratus, was not returned nor were calls to Goldman. A Deutsche Bank banker declined comment.