Ntelos Holding launches $751 million term loan at Libor plus 300 bps

By Sara Rosenberg

New York, Feb. 25 - Ntelos Holding Corp. launched a $751 million first-lien term loan on Friday with price talk of Libor plus 300 basis points with a 1% Libor floor and a par offer price, according to a market source.

There is 101 soft call protection for six months, the source said.

J.P. Morgan Securities LLC and UBS Investment Bank are the joint lead arrangers on the deal that will be used to reprice existing term loan debt.

In 2010, the company got a $125 million incremental term loan and in 2009 it got a $635 million term loan, with both of these tranches priced at Libor plus 375 bps with a 2% Libor floor.

The incremental loan had been sold at an original issue discount of 99¾ and was used for the acquisition of FiberNet, while the 2009 loan was sold at an original issue discount of 99 and was used to refinance debt.

The repricing is expected to close in March, subject to market and other customary conditions.

Ntelos is a Waynesboro, Va.-based provider of wireless and wireline communications 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.