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Liberty Latin launches $1.2 billion term loan B at Libor plus 500 bps
By Sara Rosenberg
New York, Oct. 10 – Liberty Latin America Ltd. held a bank meeting on Thursday to launch a $1.2 billion senior secured term loan B (B1) that is talked at Libor plus 500 basis points with a 0% Libor floor and an original issue discount of 99, according to a market source.
J.P. Morgan Securities LLC is the lead bank on the deal.
Proceeds will be used with $1 billion of notes to help fund the acquisition of AT&T Inc.’s wireless and wireline operations in Puerto Rico and the U.S. Virgin Islands for $1.95 billion and refinance $922.5 million in existing term loans at Liberty Puerto Rico.
Pro forma net leverage of the combined Puerto Rico and U.S. Virgin Islands assets will be around 4.25x.
Closing is expected in the second quarter of 2020, subject to customary conditions, including reviews by the U.S. Federal Communications Commission and the Department of Justice.
Liberty Latin America is a Denver-based communications company.
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