West Corp. ups spread on $250 million term B-11 to Libor plus 350 bps

By Sara Rosenberg

New York, Nov. 20 – West Corp. increased pricing on its $250 million six-year term loan B-11 (Ba3/BB) to Libor plus 350 basis points from talk of Libor plus 300 bps to 325 bps, according to a market source.

Also, original issue discount talk on the term loan was revised to 99 to 99.5 from 99.5 and then firmed at 99 later in the day, the source said.

The term loan still has a 0.75% Libor floor.

Included in the loan is 101 soft call protection for six months, and maximum total leverage and minimum interest coverage covenants.

Recommitments were due at noon ET on Friday, the source added.

Deutsche Bank Securities Inc. and Wells Fargo Securities LLC are the bookrunners on the deal.

Proceeds will be used to refinance an existing term loan B-9.

West is an Omaha-based technology-driven communication services provider.

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