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Monitronics International raises incremental term loan to $550 million
By Sara Rosenberg
New York, April 2 – Monitronics International Inc. increased the size of its incremental seven-year term loan (Ba3/B) to $550 million from $350 million, according to a market source.
Pricing on the term loan remained at Libor plus 350 basis points with a 1% Libor floor and an original issue discount of 99˝, and there is still 101 soft call protection for six months.
Bank of America Merrill Lynch, Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are the lead banks on the deal.
Commitments were due at noon ET on Thursday.
Proceeds will be used to repay revolver debt and some of the company’s term loan due in 2018. The amount of the term loan paydown was increased with the incremental term loan upsizing, the source added.
Monitronics is a Dallas-based home security alarm monitoring company.
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