QwestDex $500 million bridge loan prices at Prime plus 875 basis points

By Sara Rosenberg

New York, Aug. 15 - QwestDex Inc. is currently soliciting commitments for its proposed $500 million bridge loan. The facility has an interest rate of Prime plus 875 basis points or 14% and an upfront fee of 300 basis points, according to market sources.

"It's expensive," a financial professional said. "But it's a bridge loan and they usually are more expensive."

Banc of America Securities LLC has committed $200 million of the loan. The balance is expected to come from other lenders but presently the facility "is not fully underwritten", the financial professional said.

QwestDex, owned by Qwest Communications International Inc., is a directory service company.

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