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Sorenson Communications, LLC, Sorenson Holdings, LLC and Sorenson Finance Corp. Announce Closing of Refinancing Transactions

/EIN News/ -- SALT LAKE CITY, April 30, 2019 (GLOBE NEWSWIRE) -- Sorenson Communications, LLC (the “Borrower”), Sorenson Holdings, LLC (“HoldCo”) and Sorenson Finance Corp. (together with HoldCo, the “Issuers,” and the Issuers together with the Borrower, the “Company”) announced today the closing of the previously announced comprehensive refinancing of the Company’s outstanding secured and unsecured indebtedness (the “Refinancing Transactions”).

“We are thrilled to have refinanced substantially all of our outstanding debt,” said Scott Wood, chief executive officer. “These transactions provide us with an increased runway to continue to execute our growth strategy and deliver outstanding services to our customers.”

The Refinancing Transactions included:

  1. the Borrower’s new first lien credit facilities, which consist of a $700 million term loan credit facility scheduled to mature in April 2024 and a $25 million revolving credit facility scheduled to mature in January 2024, with Credit Suisse acting as joint lead arranger and administrative agent, KKR Capital Markets LLC acting as joint lead arranger and Blackstone acting as co-manager;

  2. an invitation (the “Invitation”) to holders (“Holders”) of 13.0% Senior Unsecured PIK Toggle Notes due 2021 issued by the Issuers (the “Existing Notes”) to exchange their Existing Notes for cash, term loans under the Borrower’s new second lien term loan credit facility scheduled to mature in April 2025 (the “New Second Lien Term Loans”) or a combination thereof, and the related solicitation of consents (the “Consent Solicitation”);

  3. a private exchange by certain affiliates of certain equity holders of the Company of approximately $99.6 million of 9% Senior Secured Second Lien PIK Toggle Notes due 2020 issued by the Borrower (the “Existing Second Lien Notes”) for New Second Lien Term Loans (the “Second Lien Notes Private Exchange”);

  4. the funding of approximately $31.9 million of commitments for New Second Lien Term Loans with cash by certain affiliates of certain equity holders of the Company;

  5. the repayment of the Borrower’s existing first lien credit facility; and

  6. the redemption of the Existing Second Lien Notes (not including the Existing Second Lien Notes that participated in the Second Lien Notes Private Exchange and are no longer outstanding) on April 30, 2019 at a price of 100% of the principal amount thereof, plus accrued and unpaid interest to the redemption date and the satisfaction and discharge of the related indenture.

In the Invitation, the Company accepted approximately $98.1 million in aggregate principal amount of the Existing Notes (or approximately 99.2% of the outstanding Existing Notes) on April 29, 2019, the settlement date of the Invitation (the “Settlement Date”). On the Settlement Date, in accordance with the proration and allocation mechanics of the Invitation, the Company paid $25 million in aggregate cash consideration, delivered approximately $73.1 million in aggregate principal amount of New Second Lien Term Loans and paid accrued and unpaid interest to, but not including, the Settlement Date, in cash. Approximately $0.7 million in aggregate principal amount of the Existing Notes remain outstanding.

As a result of the completion of the Invitation, certain amendments (the “Amendments”) to the indenture governing the Existing Notes (the “Indenture”) that were the subject of the Consent Solicitation are now operative. The Amendments, among other things, eliminated substantially all of the restrictive covenants and certain events of default currently in the Indenture.

This release is for informational purposes only and is neither an offer to buy or sell nor a solicitation of an offer to buy or sell any securities of the Company or any of its subsidiaries. The Invitation and Consent Solicitation were only made pursuant to the confidential offer to purchase, information memorandum and consent solicitation statement, dated March 27, 2019 (the “Information Memorandum”), and related documents.

Sorenson Communications, LLC

Sorenson Communications, LLC ( is a provider of industry-leading communications products and services for the Deaf and hard-of-hearing. The Company’s offerings include SVRS®, the highest-quality video interpreting service; the ntouch® VP and the ntouch VP2 videophones, designed especially for use by Deaf individuals; ntouch PC, software that connects users to SVRS by using a PC and webcam; ntouch for Mac®, software that connects users to SVRS by using an Apple® computer; and ntouch Mobile, an application empowering SVRS communication via tablet and mobile devices. The Company and its subsidiaries and affiliates are unrelated to, and unaffiliated with, Sorenson Media, Inc.

CaptionCall, LLC

CaptionCall, LLC ( is another innovative solution from Sorenson Holdings, the worldwide leader in telecommunication relay services. The Company has been offering technology and services for assistive communications since 1995. CaptionCall is a revolutionary phone for anyone experiencing hearing loss that keeps them from using the phone effectively. CaptionCall offers amplification and superb sound quality while displaying smooth-scrolling captions of what callers say on a large, easy-to-read screen. CaptionCall helps people with hearing loss stay socially connected for a longer, happier, healthier life.

Additional Information

The statements included in this release may constitute “forward-looking statements” within the meaning of U.S. federal securities laws. In addition to the assumptions specifically mentioned in the above paragraphs, there are a number of other factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, the Company’s substantial debt and lease obligations, Video Relay Service and IP Captioned Telephone Service rates, future regulatory actions by the Federal Communications Commission, pending patent litigation and other factors detailed in risk factors and elsewhere in the Information Memorandum, including risk factors incorporated by reference therein. Should one or more of these risks or uncertainties materialize or the consequences of such a development worsen, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those forecasted or expected. The Company disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise, except as required by law.

For further information, please contact:

Ann Bardsley
Director of Public Relations
Sorenson Holdings, LLC