OneLink Communications launches $520 million credit facility

By Sara Rosenberg

New York, May 2 - OneLink Communications held a bank meeting on Monday to launch a $520 million credit facility, according to a market source.

The deal consists of a $25 million five-year revolver, a $345 million six-year first-lien term loan and a $150 million seven-year second-lien term loan, the source said.

Price talk on the first-lien term loan is Libor plus 375 basis points to 400 bps with a 1.25% Libor floor and an original issue discount of 991/2, and price talk on the second-lien term loan is Libor plus 650 bps to 700 bps with a 1.5% Libor floor and a discount of 99, the source said.

The first-lien term loan has 101 soft call protection for one year, and the second-lien loan has call protection of 102 in year one and 101 in year two.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. Inc. are the lead banks on the deal, with Citi the left lead on the revolver and fist-lien term loan and J.P. the left lead on the second-lien loan.

Proceeds will be used to refinance existing debt and fund a dividend.

OneLink Communications is a provider of cable services in the San Juan area in Puerto Rico.

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