Cravath represented Credit Suisse Securities (USA) LLC, Barclays Capital Inc. and Goldman, Sachs & Co. in their roles as the initial purchasers of $475 million of senior notes of Buccaneer Merger Sub, Inc. (“Buccaneer”) in a Rule 144A offering that closed on December 22, 2010. Buccaneer is owned by a fund managed by The Carlyle Group and will serve as the acquisition vehicle for Carlyle’s leveraged buy-out of Syniverse Holdings, Inc. (“Syniverse”) in a transaction valued at $2.7 billion. Syniverse is a leading global provider of interoperability services used by wireless telephone carriers. The proceeds of the Buccaneer notes have been placed into escrow and will be available as a source of financing for the acquisition, pending satisfaction of customary closing conditions.
The Cravath team included partner Craig F. Arcella and associates Stephen M. Kessing, Todd D.C. Anderman and Aikaterini Kousoula. J. Paul Hoest also worked on the offering.