West Corp. ups loan to $700 million, flexes to Libor plus 350 bps

By Sara Rosenberg

New York, March 28 – West Corp. upsized its term loan B-1 due Oct. 10, 2024 to $700 million from $350 million and reduced pricing to Libor plus 350 basis points from Libor plus 400 bps, according to a market source.

Furthermore, a 25 bps pricing step-down was added to the term loan at 3.5 times net secured leverage and the original issue discount was set at 99.875, the midpoint of the 99.75 to par talk, the source said.

Also, the 101 soft call protection is now for six months instead of running through October 2018.

As before, the term loan has a 1% Libor floor.

Credit Suisse Securities (USA) LLC is the left lead bank on the deal.

Recommitments were scheduled to be due at 11 a.m. ET on Wednesday, the source added.

Proceeds will be used to fund the acquisition of the public relations and webcasting and webhosting products and services within Nasdaq Inc.’s Corporate Solutions business for about $335 million, subject to adjustments, and, because of the upsizing, to refinance existing 2021 secured notes.

Closing on the acquisition is expected in the second quarter, subject to regulatory approvals and customary conditions.

West is an Omaha-based provider of communication and network infrastructure services.

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