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Speedcast finalizes $425 million term loan at Libor plus 250 bps
By Sara Rosenberg
New York, May 3 – Speedcast International Ltd. set pricing on its $425 million seven-year covenant-light first-lien term loan (Ba3/BB-) at Libor plus 250 basis points, the low end of the Libor plus 250 bps to 275 bps talk, according to a market source.
The term loan still has a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.
Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Credit Agricole, ING and Macquarie Capital (USA) Inc. are the lead banks on the deal.
Proceeds will be used to refinance existing debt.
Speedcast is an Australia-based provider of telecommunications managed services.
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