Astound firms term loan B amount at $3.42 billion, sets OID at 99.75

By Sara Rosenberg

New York, Oct. 22 – Astound Broadband (Radiate HoldCo LLC) set the size of its term loan B due 2026 at $3.42 billion and finalized the original issue discount at 99.75, the wide end of the most recent 99.75 to par talk, according to a market source.

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

The term loan includes a repricing of the company’s existing $2.68 billion term loan B, with the remainder being additional debt for the acquisition of the Chicago, Evansville, Ind., and Anne Arundel, Md., assets of WOW! Internet, Cable & Phone for $661 million, to repay revolving credit facility borrowings and for general corporate purposes.

Initially, the company came to market with a fungible $500 million add-on term loan B talked at Libor plus 350 bps with a discount of 99.05 to 99.5, but, previously in syndication, the add-on upsizing was being considered, pricing was lowered, the repricing was added and the discount talk was tightened.

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

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

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