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D&E Communications $225 million credit facility to launch Feb. 3
By Sara Rosenberg
New York, Jan. 27 - D&E Communications Inc. is scheduled to hold a bank meeting on Feb. 3 for a proposed $225 million credit facility, according to a market source. SunTrust and CoBank are the co-lead arrangers on the deal.
The facility consists of a $25 million 71/2-year revolver with price talk of Libor plus 250 basis points, a $50 million 71/2-year term loan A with price talk of Libor plus 250 basis points and a $150 million eight-year term loan B with price talk of Libor plus 275 basis points, according to the source.
Proceeds will be used to refinance existing debt.
The syndicate began making calls to investors on Tuesday regarding the upcoming meeting, according to the source, although being that the information just started to be dispersed there was no indication of investor sentiment at this point.
Closing on the deal is targeted for the end of February.
D&E is an Ephrata, Pa., provider of integrated communications services.
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