Sprint lifts add-on term loan B-1 to $900 million, tightens OID to 98

By Sara Rosenberg

New York, Feb. 22 – Sprint Communications Inc. upsized its fungible add-on senior secured term loan B-1 due February 2024 to $900 million from $400 million and revised the original issue discount to 98 from talk in the range of 97 to 97.5, according to a market source.

Pricing on the add-on term loan is Libor plus 300 basis points with a 0.75% Libor floor, in line with existing term loan B-1 pricing.

The term loan debt has 101 soft call protection through May 26.

J.P. Morgan Securities LLC is the lead bank on the deal.

Books closed at 1 p.m. ET on Friday, the source said.

Proceeds will be used for general corporate purposes.

Sprint is an Overland Park, Kan.-based communications services company.

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