Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers C > Headlines for Coral-US Co-Borrower LLC > News item |
Cable & Wireless firms $590 million term B-6 at Libor plus 300 bps
By Sara Rosenberg
New York, Sept. 23 – Cable & Wireless (Coral-U.S. Co-Borrower LLC) set pricing on its $590 million eight-year covenant-lite term loan B-6 (Ba3/BB-/BB-) at Libor plus 300 basis points, the high end of the Libor plus 275 bps to 300 bps talk, according to a market source.
Furthermore, the original issue discount on the term loan was modified to 99.25 from 99, the source said.
The term loan still has a 0% Libor floor and 101 soft call protection for six months.
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.
Recommitments were scheduled to be due at 2:30 p.m. 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.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.