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Midcontinent Communications seeks $381 million term loan B repricing
By Sara Rosenberg
New York, April 19 – Midcontinent Communications is shopping a roughly $381 million term loan B due December 2023 at price talk of Libor plus 200 basis points with no Libor floor and a par issue price, according to a market source.
The term loan has 101 soft call protection for six months and a senior secured leverage covenant, the source said.
SunTrust Robinson Humphrey Inc. is the lead bank on the deal.
Commitments are due on April 26, the source added.
Proceeds will be used to reprice an existing term loan B down from Libor plus 225 bps with no Libor floor.
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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