Consolidated Communications $1 billion term loan B breaks to par bid, par ½ offered

By Paul A. Harris

Portland, Ore., March 5 – Consolidated Communications Inc.’s $1 billion Libor plus 350 basis points covenant-lite term loan B due Oct. 2, 2027 broke into the secondary market, trading at par bid, par ½ offered, a market source said Friday.

The deal has a 0.75% Libor floor and a par issue price and comes with 101 soft call protection for six months.

Wells Fargo Securities LLC is the left lead arranger on the deal.

Proceeds will be used to reprice an existing term loan down from Libor plus 475 bps with a 1% Libor floor.

The existing term loan is being reduced from $1.397 billion in connection with this transaction.

Consolidated Communications is a Mattoon, Ill.-based broadband and business communications provider.

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