Hargray finalizes $50 million incremental loan at par issue price

By Sara Rosenberg

New York, Feb. 7 – Hargray Intermediate Holdings firmed the issue price on its fungible $50 million incremental term loan at par, the tight end of the 99.75 to par talk, according to a market source.

Pricing on the incremental term loan is Libor plus 300 basis points with a step-down to Libor plus 275 bps when consolidated first-lien leverage is below 4.75x.

In addition to the incremental term loan, the company is increasing its revolver by $25 million.

Antares Capital and Barclays are the joint lead arrangers on the deal. Credit Suisse is the administrative agent.

Proceeds will be used to fund acquisitions, to finance metro-fiber investments and for general corporate purposes.

Currently, the company’s existing term loan is sized at around $547 million.

Hargray, owned by the Pritzker Organization, Redwood Capital and Stephens Capital Partners, is a Hilton Head, S.C.-based regional telecommunications provider.

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