BankAmerica to Facilitate $150 Million Acquisition for InterVoice Inc.

Strategic Insights -

BankAmerica has been appointed as the sole and exclusive administrative agent for a new $150 million acquisition credit facility for InterVoice Inc. This facility is specifically designed to support InterVoice's $164 million acquisition of Brite Voice Systems Inc. According to a Securities & Exchange Commission filing, BankAmerica has committed to lending the entire amount and expects to retain $30 million after syndication. The facility consists of a $125 million term loan and a $25 million revolving line of credit, with both components maturing in August 2003.

Key Takeaways:

  • The acquisition credit facility is valued at $150 million, with BankAmerica serving as the sole and exclusive administrative agent.
  • The facility will support InterVoice's acquisition of Brite Voice Systems Inc. for $164 million.
  • The facility consists of a $125 million term loan and a $25 million revolving line of credit, both of which mature in August 2003.
  • Pricing for the facility starts at Libor plus 250 basis points, with a minimum of Libor plus 175 basis points for a leverage ratio of less than 0.75 to 1.
  • A commitment fee of 50 basis points will be charged on the unused portion of the facility.
  • Up to approximately 9.158 million shares of BriteVoice will be purchased for $13.40 per share in cash.
  • InterVoice develops call automation systems for call centers, with sales of $136 million last year.
  • The company sells directly and also through distributors such as Aetna, British Telecom, J.C. Penny, Microsoft, and Siemens.

Statistics:

  • $150 million: The total value of the acquisition credit facility.
  • $164 million: The value of InterVoice's acquisition of Brite Voice Systems Inc.
  • $125 million: The term loan component of the facility, maturing in August 2003.
  • $25 million: The revolving line of credit component of the facility, maturing in August 2003.
  • Libor plus 250 basis points: The starting pricing for the facility.
  • Libor plus 175 basis points: The minimum pricing for a leverage ratio of less than 0.75 to 1.
  • 50 basis points: The commitment fee charged on the unused portion of the facility.
  • 9.158 million: The number of BriteVoice shares to be purchased for cash.

Sources:

  • Securities & Exchange Commission filing.