Suddenlink flexes $1.27 billion term loan B to Libor plus 225 bps

By Sara Rosenberg

New York, March 15 – Suddenlink Communications reduced pricing on its $1,265,000,000 eight-year senior secured term loan B (Ba3/BB-) to Libor plus 225 basis points from talk of Libor plus 250 bps to 275 bps, according to a market source.

With the pricing flex, the original issue discount on the term loan was revised to 99.5 from 99.75, the source said.

The term loan still has a 0% Libor floor and 101 soft call protection for six months.

Goldman Sachs Bank USA, J.P. Morgan Securities LLC, Barclays, Bank of America Merrill Lynch, Citigroup Global Markets Inc., RBC Capital Markets LLC, BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Bank of Nova Scotia and TD Securities (USA) LLC are the leads on the deal.

Recommitments were scheduled to be due at noon ET on Wednesday, the source added.

Proceeds will be used to refinance an existing term loan B and repay some notes.

Suddenlink is a cable and broadband service provider.

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