Cable & Wireless launches $590 million term loan B-6 to investors

By Sara Rosenberg

New York, Sept. 20 – Cable & Wireless (Coral-U.S. Co-Borrower LLC) held a lender call at noon ET on Monday to launch a $590 million eight-year covenant-lite term loan B-6 (//BB-) that is talked at Libor plus 275 basis points to 300 bps with a 0% Libor floor and an original issue discount of 99, according to a market source.

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

Deutsche Bank Securities Inc., BNP Paribas Securities Corp., BofA Securities Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, FCIB, Goldman Sachs Bank USA, JPMorgan Chase Bank, RBC Capital Markets, Bank of Nova Scotia and Societe Generale are the bookrunners on the deal.

Commitments are due at noon ET on Thursday, the source added.

Proceeds will be used to redeem in full the company’s existing $500 million of senior notes due 2026, redeem $55 million of the existing $550 million senior secured notes due 2027, and pay transaction-related premium, fees and expenses.

Cable & Wireless, a subsidiary of Liberty Latin America, is a provider of telecom services in Central America and the Caribbean.

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