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U.S. TelePacific launches $50 million term loan add-on at OID of 99
By Sara Rosenberg
New York, May 9 - U.S. TelePacific launched a $50 million term loan add-on to investors on Monday that is being offered at an original issue discount of 99, according to market sources.
Pricing on the add-on is in line with existing term loan pricing at Libor plus 450 basis points with a 1.25% Libor floor.
The existing $435 million six-year term loan was obtained in February and was sold at par. The tranche includes 101 soft call protection for one year, which the add-on will have as well.
Credit Suisse Securities (USA) LLC is the lead bank on the deal.
Proceeds will be used for acquisition financing.
U.S. TelePacific is a Los Angeles-based competitive local exchange carrier.
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