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Sprint lifts term B to $4 billion, trims pricing to Libor plus 250 bps
By Sara Rosenberg
New York, Jan. 30 – Sprint Corp. increased its seven-year term loan B to $4 billion from $1.5 billion and lowered pricing to Libor plus 250 basis points from talk of Libor plus 300 bps to 325 bps, according to a market source.
Furthermore, the original issue discount talk on the term loan B was changed to a range of 99.5 to 99.75 from just 99.5, the source said.
The term loan B still has a 0.75% Libor floor and 101 soft call protection for six months.
J.P. Morgan Securities LLC is the lead bank on the deal.
Commitments were scheduled to be due at 5 p.m. ET on Monday, the source added.
Proceeds will be used for general corporate purposes.
Sprint is an Overland Park, Kan.-based communications services company.
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