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Open Mobile lifts price talk on $160 million term loan to Libor plus 450 to 475 basis points
By Sara Rosenberg
New York, April 26 - Open Mobile increased price talk on its $160 million six-year term loan to Libor plus 450 basis points to 475 bps from Libor plus 400 bps to 425 bps, according to a market source.
The term loan still includes a 2% Libor floor, but is now being offered at an original issue discount of 98½ instead of at 98½ to 99, the source said.
The facility also includes a $15 million four-year revolver.
Morgan Stanley and SunTrust are the joint bookrunners on the $175 million senior secured deal (B2), with Morgan Stanley on the left.
Proceeds will be used to refinance existing debt.
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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