Cable & Wireless talks $1.3 billion loan at Libor plus 250-275 bps

By Sara Rosenberg

New York, Jan. 15 – Cable & Wireless Communications Ltd. held a lender call on Wednesday to launch a $1.3 billion eight-year senior secured term loan B-5 (Ba3) that is talked at Libor plus 250 basis points to 275 bps with a 0% Libor floor and an original issue discount of 99.75, according to a market source.

The term loan B-5 has 101 soft call protection for six months, the source said.

J.P. Morgan Securities LLC is the left lead on the deal.

Commitments are due on Jan. 21, the source added.

Proceeds will be used to help repay an existing term loan B-4.

Cable & Wireless is a London-based telecommunications company owned by Liberty Global.

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