Ciena lifts term loan B to $1.17 billion, firms at SOFR plus 200 bps

By Sara Rosenberg

New York, Oct. 18 – Ciena Corp. upsized its seven-year term loan B (Baa3/BB+) to $1.17 billion from $670 million and set pricing at SOFR plus 200 basis points, the low end of the SOFR plus 200 bps to 225 bps talk, according to a market source.

Furthermore, the original issue discount talk on the term loan was revised to a range of 99.5 to 99.75 from just 99.5, the source said.

As before, the term loan has a 0% floor and 101 soft call protection for six months.

BofA Securities Inc., Deutsche Bank Securities Inc., JPMorgan Chase Bank, Wells Fargo Securities LLC, Citigroup Global Markets Inc. and MUFG are the arrangers on the deal.

Commitments are due at 5 p.m. ET on Thursday, extended from noon ET on Thursday, the source added.

Proceeds will be used to refinance the company’s existing term loan B due 2025 and, due to the upsizing, to refinance an existing term loan due 2030.

Ciena is a Hanover, Md.-based networking systems, services and software company.

© 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.