Language Line to launch $250 million second-lien loan on Wednesday

By Sara Rosenberg

New York, Oct. 26 - Language Line Services is scheduled to hold a conference call on Wednesday to launch its proposed $250 million second-lien term loan, according to a market source.

Credit Suisse, Bank of America and Morgan Stanley are the lead banks on the deal.

Early guidance on the loan is being whispered in the Libor plus 850 basis points to 900 bps area, the source said.

Proceeds will be used to redeem preferred stock, repay debt and fund a dividend.

In connection with the new deal, the company is looking to amend its existing facility to allow for the second-lien loan and revise covenants.

Language Line is a Monterey, Calif.-based provider of telephone interpreting and language services.

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