Alcatel-Lucent launches $1.74 billion term C repricing to investors

By Sara Rosenberg

New York, Dec. 11 - Alcatel-Lucent USA Inc. held a call at 12:30 p.m. ET on Wednesday to launch a repricing of its $1,736,874,999 term loan C due Jan. 30, 2019, according to a market source.

Morgan Stanley Senior Funding Inc. and Credit Suisse Securities (USA) LLC are the lead banks on the deal.

The repricing is talked at Libor plus 325 basis points to 350 bps with a 1% Libor floor and a par offer price, the source said.

Also, there is a ticking fee of half the spread starting on Jan. 6 until the repricing is effective on Feb. 18, and 101 soft call protection for six months, the source continued.

By comparison, current pricing on the term C is Libor plus 475 bps with a 1% Libor floor.

Commitments are due at 5 p.m. ET on Tuesday, the source added.

Alcatel is a Paris-based telecommunications services and equipment company.

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