Alcatel-Lucent finalizes $1.74 billion term C at Libor plus 350 bps

By Sara Rosenberg

New York, Dec. 18 - Alcatel-Lucent USA Inc. set pricing on its $1,736,874,999 term loan C due Jan. 30, 2019 at Libor plus 350 basis points, the wide end of the Libor plus 325 bps to 350 bps, according to a market source.

Also, the ticking fee was revised to the full spread starting on Jan. 1, from half the spread starting on Jan. 6 until the repricing is effective on Feb. 18, the source said.

The loan still has a 1% Libor floor, a par offer price and 101 soft call protection for six months.

Recommitments were due at 4 p.m. ET on Wednesday, the source added.

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

Proceeds will be used to reprice the existing term loan C from Libor plus 475 bps with a 1% Libor floor.

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

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