Sidera ups pricing on $310 million term loan to Libor plus 400 bps

By Sara Rosenberg

New York, March 21 - Sidera Networks Inc. increased pricing on its $310 million term loan to Libor plus 400 basis points from Libor plus 375 bps, according to a market source.

As before, the loan has a 1.5% Libor floor, a par offer price and 101 soft call protection for one year.

SunTrust Robinson Humphrey Inc. is the lead bank on the deal.

Proceeds will be used to reprice existing term loan borrowings.

The company initially got a $240 million term loan in August 2010 to help fund its buyout by ABRY Partners. Then, in November, Sidera got a $45 million term loan add-on for acquisition financing, and, in December, it got a $25 million term loan add-on for the purchase of Long Island Fiber Exchange Inc.

All $310 million of existing term loan debt carries an interest rate of Libor plus 450 bps with a 2% Libor floor.

Sidera is a New York-based provider of fiber optic-based network services.

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