Sidera lifts spread on $325 million term B to Libor plus 450 bps

By Sara Rosenberg

New York, Dec. 11 - Sidera Networks Inc. raised pricing on its $325 million six-year term loan B to Libor plus 450 basis points from talk of Libor plus 400 bps to 425 bps, according to a market source.

Also, the Libor floor widened to 1.5% from 1.25%, the source said.

The original issue discount of 99½ and 101 soft call protection for one year were left unchanged.

The company's $375 million credit facility (B2/B) also includes a $50 million five-year revolver.

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

Covenants include leverage and fixed charge coverage ratios.

Proceeds will be used to refinance an existing credit facility.

Sidera is a New York-based provider of dark fiber, colocation and advanced network services.

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