RCN Grand Wave launches $1.28 billion incremental term loan at 99 OID

By Sara Rosenberg

New York, Oct. 31 – RCN Grand Wave (Radiate Holdco LLC) launched on Tuesday its fungible $1,275,000,000 incremental first-lien term loan due Feb. 1, 2024 with price talk of Libor plus 300 basis points with a 0.75% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Along with the term loan, the company is getting a $150 million incremental revolver.

UBS Investment Bank, Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc., Nomura, Goldman Sachs Bank USA and Bank of America Merrill Lynch are the bookrunners on the deal (B1/B).

Commitments are due on Nov. 14, the source added.

Proceeds will be used to help fund the acquisition of Wave Broadband, a regional broadband fiber company, from Oak Hill Capital Partners, management and GI Partners.

Closing is expected this year, subject to customary conditions.

RCN is a cable operator.

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