Cogeco trims term B to $775 million, ups spread to SOFR plus 325 bps

By Sara Rosenberg

New York, Sept. 18 – Cogeco Communications Finance (USA) LP (Breezeline) downsized its seven-year term loan B to $775 million from $900 million and increased pricing to SOFR plus 325 basis points from talk in the range of SOFR plus 275 bps to 300 bps, according to a market source.

As before, the term loan has a 0% floor, an original issue discount of 99 and 101 soft call protection for six months.

BofA Securities Inc., Truist, Wells Fargo Securities LLC, RBC Capital Markets, BMO Capital Markets and CIBC are the lead arrangers on the deal.

Recommitments were scheduled to be due at 2 p.m. ET on Monday, the source added.

Proceeds will be used with a $475 million five-year farm credit term loan, upsized from $400 million, and a $50 million revolving credit facility draw to refinance an existing term loan B due 2025.

Cogeco Communications Finance, formerly known as Atlantic Broadband, is a subsidiary of Cogeco Communications Inc., a Montreal-based cable operator.

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