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Mobilitie shrinks proposed loan to $425 million, raises interest rate
By Paul A. Harris
St. Louis, Jan. 25 - Mobilitie Investments II, LLC downsized to $425 million from $600 million its six-year credit facility and revised the pricing, an informed source told Prospect News on Friday.
The delayed-draw term loan was downsized to $375 million from $500 million. Meanwhile the revolving credit facility was downsized to $50 million from $100 million.
Pricing was revised to Libor plus 275 basis points from 225 bps. The unused fee was increased to 100 bps from 50 bps.
The source declined to disclose the upfront fees.
The deal is expected to close during the Jan. 28 week.
GE Capital and TD Securities are the lead arrangers.
Proceeds will be used to fund the acquisition of wireless towers.
Newport Beach, Calif.-based Mobilitie is a wireless infrastructure company that acquires and builds wireless towers.
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