Open Mobile wraps downsized $128.5 million senior secured facility

By Sara Rosenberg

New York, June 11 - Open Mobile completed its senior secured credit facility (B2) after downsizing the deal to $128.5 million, according to sources.

The facility consists of a $15 million revolver and a $113.5 million term loan priced at Libor plus 475 basis points with a 2% Libor floor and an original issue discount of 981/2, sources said.

At launch, the facility was talked as a $15 million revolver and a $160 million term loan, with the term loan guided at Libor plus 400 bps to 425 bps with a 2% floor and a discount of 98½ to 99. Price talk was then revised to Libor plus 450 basis points to 475 bps with a discount of 981/2, before firming up at the wide end.

Morgan Stanley and SunTrust acted as the joint bookrunners on the deal, with Morgan Stanley on the left.

Proceeds were 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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