Global Tel*Link to launch $245 million credit facility on Thursday

By Sara Rosenberg

New York, Feb. 9 - Global Tel*Link Corp. is scheduled to hold a conference call on Thursday to launch its proposed $245 million credit facility (B1), according to market sources.

Credit Suisse and UBS are the lead banks on the deal.

The facility consists of a $20 million revolver, a $185 million term loan and a $40 million delayed-draw term loan, with all tranches talked at Libor plus 425 basis points with a 2% Libor floor, sources said.

The funded term loan is being offered at an original issue discount of 99, while the delayed-draw term loan is being offered at 981/2, sources added.

Lenders on the delayed-draw term loan will get 50 bps paid on allocation that is not refundable.

Amortization on the term loan is 1% per year, with the rest due at maturity.

If the company's senior subordinated notes are not refinanced, the term loan will mature 61 days prior to the notes' 2016 maturity.

Proceeds from the credit facility will be used to refinance existing debt.

Global Tel*Link is a Mobile, Ala.-based correctional communications technology company.

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