TW Telecom trims spread on $470 million term B to Libor plus 250 bps

By Sara Rosenberg

New York, April 4 - TW Telecom Inc. reduced pricing on its $470 million seven-year term loan B to Libor plus 250 basis points from talk of Libor plus 275 bps to 300 bps, according to sources.

The loan still has an original issue discount of 99½ and 101 soft call protection for six months. There is no Libor floor.

The company's $570 million credit facility (Baa3/BB+) also includes a $100 million five-year revolver.

Wells Fargo Securities LLC, Morgan Stanley Senior Funding Inc. and Credit Suisse Securities (USA) LLC are the lead banks on the deal.

Proceeds will be used to refinance debt.

TW is a Littleton, Colo.-based provider of managed data, internet and voice networking solutions to businesses and large organizations.

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