Hawaiian Telcom launches $300 million term loan at Libor plus 400 bps

By Sara Rosenberg

New York, May 13 - Hawaiian Telcom Communications Inc. scheduled a call for 2 p.m. ET on Monday to launch a $300 million first-lien term loan due May 2019 that is talked at Libor plus 400 basis points with a 1% Libor floor and an original issue discount of 991/2, according to a market source.

The term loan has 101 repricing protection for one year, the source said.

Covenants include a maximum total leverage ratio.

Commitments are due on May 20, the source added.

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

Proceeds will be used to refinance an existing term loan due February 2017 that is priced at Libor plus 575 bps with a 1.25% Libor floor.

Existing lenders are getting paid out at 101 with this refinancing.

Hawaiian Telcom is a Honolulu-based provider of integrated communications services.

© 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.