Speedcast to launch $425 million first-lien term loan on Thursday

By Sara Rosenberg

New York, April 18 – Speedcast International Ltd. is scheduled to hold a bank meeting at noon ET in New York on Thursday to launch a $425 million seven-year covenant-light first-lien term loan, according to a market source.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Credit Agricole, ING and Macquarie Capital (USA) Inc. are the lead banks on the deal.

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

Expected ratings on the term loan are Ba3/BB-.

Proceeds will be used to refinance existing debt.

Commitments are due at 5 p.m. ET on May 2, the source added.

Speedcast is an Australia-based provider of telecommunications managed services.

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