Open Mobile to launch $175 million secured credit facility on Monday

By Sara Rosenberg

New York, March 25 - Open Mobile is scheduled to hold a bank meeting in New York on Monday to launch its proposed $175 million senior secured credit facility, according to a market source.

SunTrust and Morgan Stanley are the joint bookrunners on the deal.

The deal consists of a $160 million six-year term loan and a $15 million four-year revolver, the source said.

Price talk is in the Libor plus 400 basis points to 425 bps range with a 2% Libor floor and an original issue discount in the 98 ½ to 99 context, the source said.

Open Mobile is a provider of pre-paid wireless service in Puerto Rico. It is owned primarily by MC Venture Partners, Columbia Capital and Leap Wireless.

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