Fifth Street Management served as joint lead arranger for two credit facilities totaling $225 million in support of mergers for two different portfolio companies of private equity firm GTCR: Onvoy and Convergex’s options trading business, LiquidPoint.
First, Fifth Street served as joint lead arranger for a $130 million second lien credit facility supporting the merger of Onvoy and Inteliquent. Onvoy is a provider of wholesale voice-enabling services nationwide, while Inteliquent is a provider of competitive intercarrier switching. The combined companies will operate under the Inteliquent brand.
Additionally, Fifth Street served as joint lead arranger for a $95 million first lien credit facility supporting the merger of Convergex’s Options Trading and Technology business, LiquidPoint, with Dash Financial. Dash is an institutional trading technology, execution and analytics provider for the options and equity markets, while LiquidPoint offers advanced proprietary options routing and technology, high-touch services and clearing solutions. The combined company, which will operate as Dash Financial Technologies, creates a leading trading technology provider to the buy side, sell side and exchange communities.
“We initially helped finance the Onvoy acquisition in April 2016 and are pleased to support the company’s continued growth. We believe that Inteliquent’s established network and footprint, along with Onvoy’s differentiated next-generation capabilities uniquely position the combined company to be an industry-leading provider of communication enablement solutions,” said Sunny Khorana, managing director and head of Sponsor Coverage at Fifth Street.
The two transactions represent the 15th and 16th financings that Fifth Street has completed in connection with Chicago-based GTCR.