Language Line pulls $785 million credit facility from market

By Sara Rosenberg

New York, May 16 - Language Line LLC withdrew its $785 million credit facility from the primary market, according to a source.

The facility consisted of a $50 million revolver (B1/B), a $515 million seven-year first-lien term loan (B1/B) talked at Libor plus 450 basis points with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, and a $220 million 71/2-year second-lien term loan (Caa1/CCC+) talked at Libor plus 850 bps with a 1% Libor floor, a discount of 99 and call protection of 102 in year one and 101 in year two.

Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch and Morgan Stanley Senior Funding Inc. were the lead banks on the deal.

Proceeds were going to be used to refinance existing debt and fund a dividend.

Language Line is a Monterey, Calif.-based provider of language interpretation and translation services.

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