Hargray Communications to launch $330 million facility on Thursday

By Sara Rosenberg

New York, June 3 - Hargray Communications will hold a bank meeting at 10 a.m. ET on Thursday to launch a $330 million credit facility, according to a market source.

RBC Capital Markets and Credit Suisse Securities (USA) LLC are the lead banks on the deal.

The facility consists of a $25 million revolver and a $305 million term loan B, the source said.

Included in the credit agreement is a total leverage covenant.

Proceeds will be used to refinance existing debt and fund a modest dividend to shareholders.

Hargray is a provider of triple play data, video and voice services serving southeastern South Carolina and northeastern Georgia.

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