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Consolidated Communications tightens OID on term loan B to 99.75
By Sara Rosenberg
New York, Sept. 26 – Consolidated Communications Inc. revised the original issue discount on its $900 million seven-year term loan B (Ba3/BB-) to 99.75 from 99.5, according to a market source.
Pricing on the B loan remained at Libor plus 300 basis points with a 1% Libor floor.
The term loan B still has 101 soft call protection for six months and total leverage and interest coverage covenants.
The company’s $1 billion credit facility also includes a $100 million five-year revolver.
Allocations are expected later this week, probably Wednesday, the source said.
Wells Fargo Securities LLC is the lead on the deal.
Proceeds will be used to refinance existing debt.
Leverage is 2.8 times secured and 4.3 times total.
Consolidated Communications is a Mattoon, Ill.-based communications provider.
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