Liberty Puerto Rico talks $500 million term B at Libor plus 400 bps

By Sara Rosenberg

New York, March 22 – Liberty Communications of Puerto Rico LLC held a lender call at 11 a.m. ET on Monday to launch a $500 million term loan B that is talked at Libor plus 400 basis points with a 0% Libor floor and an original issue discount of 99.75 to par, according to a market source.

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

JPMorgan Chase Bank, BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Santander and Bank of Nova Scotia are the leads on the deal.

Commitments are due at noon ET on Thursday, the source added.

Proceeds will be used with $820 million of senior secured notes to refinance an existing term loan, to fund a dividend and for general corporate purposes.

Liberty Puerto Rico is a Puerto Rico-based telecommunications company.

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