TeleGuam sets final pricing on $170 million credit facilities

By Paul A. Harris

Portland, Ore., April 13 – GTA TeleGuam set final pricing on $170 million of credit facilities, according to a market source.

The deal allocated on Thursday.

It includes a $15 million five-year revolver (B1/BB-) that priced at Libor plus 500 basis points with a 0% Libor floor. The revolver, which includes a 100 bps upfront fee, priced at par, on top of final spread talk; earlier talk was Libor plus 450 to 475 bps.

A $130 million six-year term loan (B1/BB-) priced at Libor plus 500 bps atop a 1% Libor floor. The term loan, which priced at 98.5, came on top of final price and spread talk; earlier spread talk was Libor plus 450 to 475 bps. Earlier, price talk was 99.

In addition, a $25 million seven-year second-lien term loan (Caa1/B-) priced at Libor plus 850 bps atop a 1% Libor floor. The second-lien piece, which priced at 98, also came on top of final spread talk. Earlier talk was Libor plus 800 to 825 bps.

The first lien loan has 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

The credit agreement has a total net leverage covenant.

BNP Paribas Securities Corp. was the lead bank on the $170 million credit facility.

Proceeds will be used to help fund the buyout of the company by Huntsman Family Investments from Advantage Partners.

TeleGuam is a Tamuning, Guam-based provider of telecommunications services.

© 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.