Hargray tightens issue price on $60 million incremental loan to par

By Sara Rosenberg

New York, Feb. 16 – Hargray Communications Group Inc. modified the issue price on its fungible $60 million incremental covenant-light first-lien term loan B due May 2024 to par from 99.75, according to a market source.

Also, the ticking fee on the incremental loan was changed to half the margin from days 46 to 90 and the full margin thereafter, from half the margin from days 31 to 90 and the full margin thereafter, the source said.

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

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

Commitments were scheduled to be due at noon ET on Friday, the source added.

Proceeds will be used to fund a tuck-in acquisition.

Hargray is a Hilton Head Island, S.C.-based broadband communications and entertainment provider.

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