US LEC $150 million five-year floaters talked at six-month Libor plus 825-850 bps

By Paul A. Harris

St. Louis, Sept. 22 - Price talk on US LEC Corp.'s $150 million offering of five-year second priority senior secured floating-rate notes (B3/B-) is six-month Libor plus 825 to 850 basis points, according to market sources.

The deal is expected to price on Thursday afternoon.

Deutsche Bank Securities is the bookrunner for the Rule 144A/Regulation S offering. Libertas is the co-manager.

The call structure of the notes remains to be determined.

Proceeds will be used to repay the company's outstanding senior credit facility and its senior subordinated notes, and for working capital.

US LEC is a Charlotte, N.C., telecommunications carrier providing integrated voice, data and internet services to medium and large businesses and enterprise organizations throughout 15 Eastern states and the District of Columbia.

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