Harron widens term loan B price talk to Libor plus 375-400 bps

By Sara Rosenberg

New York, March 22 - Harron Communications LP revised price talk on its $300 million term loan B due 2017 to Libor plus 375 basis points to 400 bps with a 1.5% Libor floor and an original issue discount of 991/2, according to a market source.

Prior to the March 15 bank meeting, the B loan was being talked at Libor plus 325 bps with a 1.25% Libor floor and an original issue discount of 991/2. However, because of the market turmoil last week, it was known that pricing would need to widen out.

As before, the term loan B provides for 101 soft call protection for one year.

In addition, investors are now being given more time to commit to the deal, with commitments now due on April 1, the source said.

The company's $600 million credit facility (B2/B) also includes a $100 million revolver due 2016 and a $200 million term loan A due 2016.

SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC and Credit Agricole Securities (USA) Inc. are the lead banks on the deal.

Proceeds will be used to refinance an all pro rata bank deal and redeem about $54 million in preferred equity.

Harron Communications is a Frazer, Pa.-based provider of digital television, high speed internet, digital phone and business services.

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