Hawaiian Telcom withdraws $320 million term loan B from market

By Sara Rosenberg

New York, Nov. 23 – Hawaiian Telcom pulled its $320 million seven-year term loan B (B1/B) from the primary market as a result of unfavorable conditions, according to an informed source.

The term loan was talked at Libor plus 400 basis points with a 1% Libor floor.

Of the total term loan amount, the portion that was a refinancing of the company’s existing term loan due June 6, 2019 was offered at an original issue discount of 99.5, and the new money portion that would have added cash to the balance sheet was offered at a discount of 99.

As of Sept. 30, there was $293.9 million outstanding under the company’s existing term loan. Pricing on the debt is Libor plus 400 bps with a 1% Libor floor.

UBS AG was the bookrunner on the term loan B.

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

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