| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers M > Headlines for Monitronics International Inc. > News item |
Monitronics cuts pricing on facility, extends revolver by nine months
By Susanna Moon
Chicago, April 1 - Monitronics International, Inc. lowered pricing on its $150 million revolving credit facility to Libor plus 375 basis points and its term loan with $690,512,500 outstanding to Libor plus 325 bps, both with a Libor floor of 1%.
The wholly owned subsidiary of Ascent Capital Group, Inc. repriced the facility and extended the maturity of the revolver by nine months to Dec. 22, 2017 with Bank of America, N.A., as administrative agent and letter of credit issuer on March 25, according to an 8-K filing with the Securities and Exchange Commission.
Citibank, NA and Credit Suisse AG, Cayman Islands Branch are the co-syndication agents, and U.S. Bank NA is the documentation agent.
The term loan matures on March 23, 2018 and requires principal installments at the end of each calendar quarter in an amount equal to 0.25% of the principal amount of the term loan as of March 25.
Along with the repricing, the company also amended its interest rate swap arrangements for the outstanding term loan, resulting in a fixed interest rate of 5% on the term loan, compared with 6.2% prior to the amendment.
The company expects annualized interest savings of about $8.1 million, according to a company press release.
Monitronics International Inc. held a conference call on March 7 for credit facility lenders to launch a repricing of its term loan, as previously reported by Prospect News.
The repricing was talked at Libor plus 325 bps to 350 bps with a 1.25% Libor floor and a par offer price, compared with pricing on the loan of Libor plus 425 bps with a 1.25% Libor floor.
BofA Merrill Lynch was the lead bank on the deal.
Monitronics is a Dallas-based alarm monitoring company.
© 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.