Astound trims spread on upsized add-on term loan, adds repricing

By Sara Rosenberg

New York, Oct. 21 – Astound Broadband (Radiate HoldCo LLC) upsized its fungible add-on term loan B due 2026 to up to $720 million from $500 million and reduced pricing to Libor plus 325 basis points from Libor plus 350 bps, according to a market source.

The company also added a repricing of its existing $2.68 billion term loan B to Libor plus 325 bps from Libor plus 350, the source said.

Original issue discount talk on the term loan debt is 99.75 to par. Previously, the add-on term loan was talked with a discount of 99.05 to 99.5.

The term loan debt has a 0.75% Libor floor and 101 soft call protection for six months.

JPMorgan Chase Bank and Credit Suisse Securities (USA) LLC are the leads on the deal.

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

Proceeds from the add-on term loan will be used to help fund the acquisition of the Chicago, Evansville, Ind., and Anne Arundel, Md., assets of WOW! Internet, Cable & Phone for $661 million and, due to the upsizing, to repay revolving credit facility borrowings.

Astound Broadband is a Princeton, N.J.-based cable operator.

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