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Brightspeed readies launch of $2 billion term loan B for Monday
By Sara Rosenberg
New York, Sept. 16 – Brightspeed is scheduled to hold a lender call at 11 a.m. ET on Monday to launch a $2 billion seven-year term loan B, according to a market source.
BofA Securities Inc., Barclays, Goldman Sachs Bank USA, Mizuho, BNP Paribas Securities Corp., MUFG, Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, BMO Capital Markets Corp., Citigroup Global Markets Inc., Morgan Stanley Senior Funding Inc. and RBC Capital Markets are joint lead arrangers on the deal.
The term loan B has 101 soft call protection for six months, the source said.
Proceeds will be used to help fund the acquisition of Lumen Technologies’ incumbent local exchange carrier business in 20 states by Apollo Global Management Inc. for $7.5 billion, with the acquired business being named Brightspeed.
Closing is expected early in the fourth quarter, subject to customary conditions.
Brightspeed is a Charlotte, N.C.-based provider of broadband and telecommunications services.
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