Equinix finalizes U.S. term loan repricing at Libor plus 200 bps

By Sara Rosenberg

New York, Aug. 10 – Equinix Inc. firmed pricing on its $247 million covenant-light term loan B due 2023 at Libor plus 200 basis points, the low end of the Libor plus 200 bps to 225 bps talk, according to a market source.

The company also set pricing on its €998 million covenant-light term loan B at Euribor plus 250 bps, the low end of the Euribor plus 250 bps to 275 bps talk, and on its £296 million covenant-light term loan B at Libor plus 300 bps, the low end of the Libor plus 300 bps to 325 bps talk, the source said.

In addition, the issue price on the sterling loan finalized at par, the tight end of the 99.875 to par talk.

As before, all of the term loans have a 0% floor, and the U.S. and euro loans have a par issue price.

The U.S. term loan has 101 soft call protection for six months, and the euro and sterling loans have 101 soft call protection for one year.

Bank of America Merrill Lynch is the lead bank on the deal.

Proceeds will be used to reprice an existing U.S. term loan down from Libor plus 250 bps with a 0% Libor floor, an existing euro term loan from Euribor plus 325 bps with a 0% floor and an existing sterling term loan from Libor plus 300 bps with a 0.75%.

Equinix is a Redwood City, Calif.-based interconnection and data center company.

© 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.