Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers U > Headlines for US TelePacific Corp. > News item |
U.S. TelePacific prices $505 million term loan at Libor plus 500 bps
By Jennifer Chiou
New York, Nov. 21 – U.S. TelePacific Corp. set final pricing on its $505 million six-year first-lien term loan (B3/B-) at Libor plus 500 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.
Pricing came at the wide end of talk that had been set at Libor plus 475 bps to 500 bps.
The term loan has 101 soft call protection for one year and has maximum leverage and minimum interest coverage covenants.
The $530 million credit facility also includes a $25 million revolver.
Credit Suisse Securities (USA) LLC is the lead bank on the deal.
Proceeds will be used to refinance existing bank debt.
Commitments were due on Nov. 19.
U.S. TelePacific is a Los Angeles-based competitive local exchange carrier.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.