GTCR Golder Rauner looked to Bank of America and the Royal Bank of Scotland for a deal to back its investment in Sorenson Communications, making it the majority shareholder. The deal consists of a six-year, $20 million revolver; a seven-year, $405 million term loan "B" and a seven-and-a-half, $160 million second-lien term loan. Pricing is LIBOR plus 3% on the first lien and LIBOR plus 7 1/4% on the second lien. Commitments were due last Tuesday and the deal was said to be oversubscribed.
Salt Lake City-based Sorenson provides communication tools, including the Sorenson Video Relay Service, which enables deaf and hard-of-hearing callers to conduct video relay conversations through a qualified American Sign Language interpreter. Lehman Brothers acted as financial advisor to Sorenson on the deal. James Sorenson Jr., ceo, and GTCR officials, did not return calls.