Hargray to launch $480 million credit facility on Wednesday morning

By Sara Rosenberg

New York, March 13 – Hargray Communications Group Inc. is scheduled to hold a bank meeting at 10 a.m. ET in New York on Wednesday to launch a $480 million credit facility, according to a market source.

Credit Suisse Securities (USA) LLC, SunTrust Robinson Humphrey Inc. and Antares Holdings are the lead arrangers and bookrunners on the debt, with Credit Suisse the administrative agent.

The facility consists of a $30 million revolver and a $450 million seven-year covenant-light term loan B, the source said.

Included in the term loan B is a 1% Libor floor and 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on March 24, the source added.

Proceeds will be used to finance the acquisition of the company by Tom Pritzker Family Business Interests, Redwood Capital Investments, Stephens Capital Partners and management.

Closing is expected in the third quarter.

Hargray is a Hilton Head Island, S.C.-based broadband communications and entertainment provider.

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