GCI gets $145 million term loan add-on

By Sara Rosenberg

New York, May 8 - GCI Holdings Inc. closed on a $145 million term loan add-on, according to an 8-K filed with the Securities and Exchange Commission Thursday.

The incremental loan increased pricing on the term loan component of the company's credit facility to Libor plus 425 basis points from Libor plus 200 bps.

In addition, pricing on the revolver was increased to a range of Libor plus 275 bps to 425 bps, depending on leverage, from a range of Libor plus 150 bps to 225 bps.

Furthermore, the company amended the credit facility to revise various financial covenants, including increasing the total debt leverage ratio to a maximum of 5.25 times until June 30, 2009. Thereafter, the leverage covenant steps down to 5.0 times and further steps down to 4.5 times beginning in 2010.

The credit facility is expected to fully finance the company's five-year capital plan.

Calyon is the administrative agent on the deal that was completed on May 2.

GCI is an Anchorage, Alaska-based provider of a range of communications services.

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