Alcatel-Lucent flexes $1.74 billion term loan C to Libor plus 475 bps

By Sara Rosenberg

New York, Aug. 9 - Alcatel-Lucent USA Inc. reduced pricing on its $1,741,250,000 term loan C to Libor plus 475 basis points from Libor plus 500 bps, according to a market source.

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

Pricing on the €298.5 million term loan D was unchanged at Euribor plus 525 bps with a 1% floor and a par offer price, and this tranche also has 101 soft call protection for six months.

Recommitments were due at noon ET on Friday, the source said.

Proceeds will be used to reprice the existing term loan C from Libor plus 625 bps with a 1% Libor floor and the existing term loan D from Euribor plus 650 bps with a 1% Euribor floor.

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

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

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