Liberty Cablevision of Puerto Rico to launch $160 million refinancing/repricing Friday

By Sara Rosenberg

New York, May 7 - Liberty Cablevision of Puerto Rico Ltd. is scheduled to hold a conference call on Friday to launch its $160 million refinancing credit facility that is basically just a repricing deal, according to a market source.

TD Securities is the lead bank on the deal.

The facility consists of a $150 million term loan and a $10 million revolver, with both tranches essentially repricing to Libor plus 200 basis points from current pricing of Libor plus 225 bps, the source said.

"It's more of a repricing because [they're] looking for existing banks to just rollover their current holdings," the source added.

The facility will have a leverage covenant of 5.0 times and an interest coverage ratio of 2.0 times, which is basically in line with current covenants; however, the existing step down under the leverage ratio is being eliminated.

At close, leverage will be 4.5 times.

Liberty Cablevision of Puerto Rico is a Puerto Rico-based provider of digital video, broadband internet and telephony service.

© 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.