Atlantic Broadband $575 million term B spread at Libor plus 350 bps

By Sara Rosenberg

New York, Nov. 19 - Atlantic Broadband Finance LLC reduced pricing on its $575 million five-year term loan B to Libor plus 350 basis points from Libor plus 400 bps and tightened the original issue discount to 99½ from 99, according to a market source.

The 1.5% Libor floor was left unchanged.

Recommitments were due from lenders on Friday.

The company's $600 million senior secured credit facility (Ba3/B+) also includes a $25 million four-year revolver.

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

Proceeds will be used to replace an existing $40 million revolver due in 2012 and a $436.5 million term loan due in 2013, to fund a $110 million cash dividend payment and to pay $39 million to redeem preferred stock.

Atlantic Broadband is a Quincy, Mass.-based cable provider.

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