Mobilitie Investments reveals talk on $415 million credit facility

By Sara Rosenberg

New York, May 17 - Mobilitie Investments II LLC came out with price talk on its $415 million credit facility as it launched with a bank meeting on Tuesday, according to a market source.

The $25 million five-year revolver and the $150 million five-year 24-month-delayed-draw term loan are both being talked at Libor plus 350 basis points with no Libor floor, and the $240 million six-year term loan B is being talked at Libor plus 375 bps to 400 bps with a 1.25% to 1.5% Libor floor and an original issue discount of 991/2, the source said.

There is a ticking fee on the delayed-draw term loan that starts at 125 bps. It becomes 75 bps once usage is over 50%.

The revolver and delayed-draw term loan are being sold as a strip to banks.

Facility ratings are B2/BB-, and corporate ratings are B2/B, the source added.

TD Securities (USA) LLC and GE Capital Markets are the lead banks on the deal.

Proceeds will be used to refinance existing debt, and the delayed-draw loan is for capital expenditures.

Mobilitie Investments is a Newport Beach, Calif.-based owner and constructor of communication towers.

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