J.P. Morgan and Bear Stearns are prepping a $605 million credit for Telcordia Technologies that backs Providence Equity Partners and Warburg Pincus' $1.35 billion acquisition of the software and communications company from Science Applications International Corp.
Each private equity firm is reportedly putting $200 million of equity into the deal. The credit includes a $100 million revolver and the rest will be term debt with syndication expected in two weeks.
Telcordia's software handles the tasks required to develop, maintain, monitor and fix carrier networks carrying U.S. telephony traffic. Officials from Bear Stearns and J.P. Morgan declined comment. A Telcordia spokeswoman and Providence spokesman also declined comment. Larry Bettino, a managing director at Warburg Pincus, did not return calls.