Open Mobile to launch $71.5 million term loan B add-on Monday

By Sara Rosenberg

New York, June 10 - Open Mobile is set to hold a bank meeting on Monday to launch a proposed $71.5 million term loan B add-on, according to a market source.

SunTrust Robinson Humphrey Inc. and Morgan Stanley & Co. Inc. are the lead banks on the deal.

The add-on is talked in line with the company's existing term loan B debt at Libor plus 475 basis points with a 2% Libor floor and will be offered at an original issue discount of 99, the source said.

Proceeds will be used to take out preferred equity.

Open Mobile is a provider of pre-paid wireless service in Puerto Rico.

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