West expects that $1 billion of term loans will be extended to 2016

By Sara Rosenberg

New York, Aug. 20 - West Corp. anticipates that $1 billion of its existing term loan debt will be extended to July 15, 2016 from Oct. 24, 2013 through its amend-and-extend plan, according to a news release.

Originally, the company was asking lenders to extend $700 million of term loan borrowings.

The extended term loan is priced at Libor plus 387.5 bps, up from current pricing of Libor plus 237.5 bps.

Initially, the company was proposed pricing of Libor plus 362.5 bps on the extended debt, but the spread was boosted during the amendment process.

Furthermore, during the amendment process, two years of 101 soft call protection were added to the extended loan and a springing maturity at 91 days prior to the senior notes maturity in 2014 subject to a 2.8 times net secured leverage test was added.

The amendment, which was approved by lenders on Wednesday, also allows the company to agree with individual lenders to make additional extensions of their term loans or extend or refinance their revolving credit commitments, and to issue new secured notes.

Deutsche Bank, Wells Fargo and Bank of America acted as the lead banks on the amendment.

West is an Omaha, Neb.-based provider of outsourced communication services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.