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Global Tel*Link to launch $620 million term loan on Thursday
By Sara Rosenberg
New York, April 4 - Global Tel*Link Corp. is scheduled to hold a conference call at 2 p.m. ET on Thursday to launch a $620 million first-lien term loan due December 2017, according to a market source.
Credit Suisse Securities (USA) LLC and UBS Securities LLC are the lead banks on the deal.
Price talk is not yet available, but it is known that the loan will be offered at par and include 101 repricing protection for one year, the source said.
Proceeds will be used to reprice an existing term loan from Libor plus 550 basis points with a 1.5% Libor floor, the source added. The original size of the loan was $635 million.
Lenders will be paid down at 101 due to the presence of soft call protection.
Global Tel*Link is a Mobile, Ala.-based correctional communications technology company.
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