tw telecom raises pricing on extended term loan to Libor plus 325 bps

By Sara Rosenberg

New York, Nov. 22 - tw telecom holdings inc. increased pricing on its proposed extended term loan to Libor plus 325 basis points from talk of Libor plus 275 bps, according to a market source.

Current pricing on the term loan is Libor plus 175 bps.

The company is looking to extend the maturity of at least 50% of its $577.5 million term loan to December 2016 from January 2013.

In addition, the company wants to extend its $80 million revolver to December 2014 from October 2011, and revolver lenders are being offered a 50 bps fee for extended commitments.

The amendment would also conform term loan covenants to the covenants in the company's 8% senior notes due 2018.

Lenders are being offered a 10 bps amendment fee.

Commitments/consents are now due at 5 p.m. ET on Tuesday, pushed out from the original Monday deadline.

The amendment and extension is expected to be completed in late November or early December.

Wells Fargo, Morgan Stanley and Credit Suisse are the lead banks on the deal.

tw telecom is a Littleton, Colo.-based ethernet service provider.

© 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.