| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers A > Headlines for Avianca Holdings SA > News item |
UPC/Sunrise changes emerge, frees to trade; Avianca extends commitment deadline
By Sara Rosenberg
New York, Aug. 20 – UPC/Sunrise raised its U.S. covenant-lite term loan B-1 due January 2029 at NewCo to $1.3 billion from $1.2 billion and its U.S. covenant-lite term loan B-2 due January 2029 at UPC to $1.3 billion from $1.2 billion, and scaled back its euro covenant-lite term loan B-1 due January 2029 at NewCo to €400 million from €500 million and its euro covenant-lite term loan B-2 due January 2029 at UPC to €400 million from €500 million, according to a market source.
Price talk on the U.S. term loans and on the euro term loans was changed to a range of Libor/Euribor plus 325 basis points to 350 bps from just Libor/Euribor plus 350 bps. Then, a bit before noon ET, the spread on the loans firmed at Libor/Euribor plus 350 bps.
The original issue discount on the U.S. term loans was revised to 99 from talk in the range of 98 to 98.5, and the discount on the euro term loans finalized at 98.5, the tight end of the 98 to 98.5 talk.
The U.S. term loans freed up for trading, with the strip of U.S term loan B-1 and term loan B-2 debt quoted at 99¼ bid, 99¾ offered, another source added.
Avianca extended the commitment deadline for its tranche A debtor-in-possession delayed-draw term loan B to give investors time to review the credit agreement.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.