OneLink raises spread on second-lien term loan to Libor plus 850 bps

By Sara Rosenberg

New York, June 2 - OneLink Communications lifted pricing on its $150 million seven-year second-lien term loan (Caa2/CCC+) to Libor plus 850 basis points from talk of Libor plus 650 bps to 700 bps, according to a market source.

In addition, the original issue discount widened to 98 from 99, and the call protection was sweetened to 103 in year one, 102 in year two and 101 in year three from 102 in year one and 101 in year two, the source said.

The 1.5% Libor floor was left unchanged.

The company's $520 million credit facility also includes a $25 million five-year revolver (B2/B+) and a $345 million six-year first-lien term loan (B2/B+) priced at Libor plus 450 bps with a 1.5% Libor floor and an original issue discount of 99.

The first-lien loan has 101 soft call protection for one year.

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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