Consolidated Communications launches term loan B at Libor plus 300 bps

By Sara Rosenberg

New York, Sept. 13 – Consolidated Communications Inc. launched on Tuesday its $900 million seven-year term loan B with price talk of Libor plus 300 basis points with a 1% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan B has 101 soft call protection for six months, and total leverage and interest coverage covenants.

The company’s $1 billion credit facility also includes a $100 million five-year revolver.

Wells Fargo Securities LLC is the lead on the deal.

Commitments are due on Sept. 27.

Proceeds will be used to refinance existing debt.

Leverage is 2.8 times secured and 4.3 times total.

Consolidated Communications is a Mattoon, Ill.-based communications provider.

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