Choice Cable to launch $105 million credit facility on Wednesday

By Sara Rosenberg

New York, Dec. 6 - Choice Cable is scheduled to hold a bank meeting on Wednesday to launch its proposed $105 million credit facility, according to a market source.

SunTrust is the lead bank on the deal.

The facility consists of a $10 million five-year revolver and a $95 million six-year term loan, with both tranches talked at Libor plus 400 basis points with no Libor floor, the source said.

Amortization on the term loan is "backweighted," the source added.

Proceeds will be used to refinance existing debt and to pay a shareholder distribution.

Closing leverage will be around 3.75 times.

Choice Cable is a Ponce, Puerto-Rico-based cable operator that is owned by Spectrum Equity Partners, HM Capital and Patriot Media management.

© 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.