Ciena trims spread on $400 million term loan B to Libor plus 250 bps

By Sara Rosenberg

New York, Jan. 25 – Ciena Corp. lowered pricing on its $400 million five-year covenant-light term loan B (Ba2/BB+) to Libor plus 250 basis points from Libor plus 275 bps, according to a market source.

Also, the original issue discount on the term loan finalized at 99.875, the tight end of the 99.75 to 99.875 talk, the source said.

As before, the term loan has a 0.75% Libor floor and 101 soft call protection for six months.

Bank of America Merrill Lynch and Deutsche Bank Securities Inc. are the leads on the deal.

Recommitments were due at 5 p.m. ET on Wednesday, the source added.

Proceeds will be used to refinance existing term loans.

Ciena is a Hanover, Md.-based supplier of communications networking equipment and software.

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