Mitel Networks pulls $330 million credit facility from market

By Sara Rosenberg

New York, Oct. 4 - Mitel Networks Corp. has decided to withdraw its $330 million senior secured credit facility (B1/B) from the primary market, according to a market source.

Bank of America Merrill Lynch and RBC Capital Markets LLC were leading the deal.

The facility consisted of a $40 million five-year revolver and a $290 million seven-year term loan B that was talked at Libor plus 600 basis points to 625 bps with a 1.25% Libor floor and an original issue discount of 98.

The term loan had soft call protection of 102 in year one and 101 in year two.

Proceeds were going to be used to refinance existing debt.

Mitel is a Kanata, Ontario-based provider of business communications and collaboration software and services.

© 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.