Open Mobile $15 million revolver talked at Libor plus 375-400 bps

By Sara Rosenberg

New York, March 26 - Open Mobile's proposed $15 million four-year revolving credit facility is being talked at Libor plus 375 basis points to 400 bps, according to a market source.

As was previously reported, the company's $160 million six-year term loan is being talked at Libor plus 400 bps to 425 bps with a 2% Libor floor and an original issue discount in the 98½ to 99 context.

Morgan Stanley and SunTrust are the joint bookrunners on the $175 million senior secured deal that will launch with a bank meeting in New York on Monday.

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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