Midcontinent to launch $475 million credit facility on Wednesday

By Sara Rosenberg

New York, July 16 - Midcontinent Communications will hold a call at 2 p.m. ET on Wednesday to launch a $475 million credit facility, according to a market source.

SunTrust Robinson Humphrey Inc., RBC Capital Markets, Wells Fargo Securities LLC, U.S. Bank and TD Securities (USA) LLC are the lead banks on the deal.

The facility consists of a $125 million five-year revolver, a $125 million five-year term loan A and a $225 million seven-year term loan B, the source said.

Price talk on the B loan is Libor plus 300 basis points with a 1% Libor floor and a par offer price, the source continued.

Commitments are due on Monday, the source added.

Proceeds will be used to refinance an existing credit facility.

Senior leverage is 2.2 times.

Midcontinent Communications is a Sioux Falls, S.D.-based provider of cable television, local and long-distance digital telephone service and high-speed internet access.

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