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CapRock launches $181.2 million credit facility
By Sara Rosenberg
New York, Nov. 15 - CapRock Communications held a bank meeting on Tuesday to launch its proposed $181.2 million credit facility, according to a market source.
Merrill Lynch is lead arranger and bookrunner, and TD Securities is syndication agent.
The facility consists of a $30 million revolver talked at Libor plus 300 basis points, a $115 million first-lien term loan B talked at Libor plus 300 bps and a $36.2 million second-lien term loan talked at Libor plus 700 bps, the source said.
The second-lien term loan contains call protection of 102 in year one, 101 in year two and par thereafter.
Proceeds will be used to help fund the leveraged buyout of the company by Abry Partners LLC.
CapRock is a Houston-based satellite communications provider.
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