Hargray Communications sets Wednesday launch for $315 million facility

By Sara Rosenberg

New York, May 31 - Hargray Communications Group has scheduled a bank meeting for Wednesday to launch its proposed $315 million credit facility, according to a market source.

Bank of America and RBC Capital are the joint bookrunners on the deal.

The facility consists of a $25 million revolver, a $195 million first-lien term loan and a $95 million second-lien term loan, the source said, adding that price talk is not yet available.

Proceeds will be used to help fund Quadrangle Capital Partners' acquisition of the company.

Hargray is a Hilton Head Island, S.C., telecommunications provider serving southeastern South Carolina and northeastern Georgia.

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