Hargray increases incremental term loan amount to $100 million

By Sara Rosenberg

New York, Oct. 15 – Hargray Communications Group Inc. upsized its fungible incremental covenant-lite first-lien term loan due May 2024 to $100 million from $60 million, according to a market source.

Pricing on the incremental term loan is Libor plus 300 basis points with a 25 bps step-down at 4.75x first-lien leverage and a 1% Libor floor, which matches existing term loan pricing.

The original issue discount on the incremental term loan is still 99.28, the source said.

Credit Suisse Securities (USA) LLC is the arranger on the deal.

Commitments remained due at noon ET on Thursday, the source added.

Proceeds will be used for general corporate purposes, including capital expenditures and acquisitions.

Hargray is a Hilton Head Island, S.C.-based telecommunications provider.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.