Cequel Communications ups first-lien term loan to $2.48 billion

By Sara Rosenberg

New York, April 11 - Cequel Communications LLC increased its first-lien term loan due February 2019 to $2,478,000,000 from a revised amount of $2,383,000,000 and an initial amount at launch of $2,178,000,000, according to a market source.

Pricing on the loan remained at Libor plus 275 basis points with a 0.75% Libor floor and a par offer price.

The loan still has 101 soft call protection for six months.

Proceeds from the incremental debt raised through the upsizing will be used to repurchase a portion of the company's 8 5/8% senior notes, while the remaining funds will be used to reprice an existing term loan from Libor plus 300 bps with a 1% Libor floor.

Recommitments were due at 2 p.m. ET on Thursday, the source added.

Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., J.P. Morgan Securities LLC, Bank of America Merrill Lynch and RBC Capital Markets are the lead banks on the deal.

Cequel is St. Louis-based cable operator.

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