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Xplornet cuts spread on $385 million term loan B to Libor plus 475 bps
By Sara Rosenberg
New York, Aug. 23 – Xplornet Communications Inc. reduced pricing on its $385 million term loan B to Libor plus 475 basis points from talk of Libor plus 500 bps to 525 bps, according to a market source.
The term loan still has a 1% Libor floor, a par issue price and 101 soft call protection for six months.
SunTrust Robinson Humphrey Inc., BMO Capital Markets Corp. and Jefferies LLC are the leads on the deal.
Recommitments were scheduled to be due at 5 p.m. ET on Wednesday, the source said.
Proceeds will be used to reprice an existing term loan B down from Libor plus 600 bps with a 1% Libor floor.
Xplornet is a Woodstock, New Brunswick-based rural-focused broadband service provider.
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