Hawaiian Telcom withdraws $330 million credit facility from market

By Sara Rosenberg

New York, July 20 - Hawaiian Telcom Holdco Inc. pulled its $330 million credit facility due to market conditions, according to a market source.

The facility consisted of a $300 million six-year term loan (B1/B-) and a $30 million revolver (Ba1/B+).

Price talk on the term loan was Libor plus 550 basis points with a 1.25% Libor floor and an original issue discount of 99, and there was 101 soft call protection for one year.

Credit Suisse Securities (USA) LLC was the lead arranger on the term loan, and First Hawaiian Bank was providing the revolver.

Proceeds were going to be used to refinance an existing $300 million term loan due Oct. 28, 2015 that is priced at Libor plus 600 bps with a 3% Libor floor and a $30 million revolver that is priced at Libor plus 400 bps with a 1.5% floor.

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

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