U.S. TelePacific postpones launch of $530 million credit facility

By Sara Rosenberg

New York, July 29 – U.S. TelePacific Corp. postponed the Tuesday bank meeting for its $530 million credit facility due to scheduling conflicts, according to a market source.

The bank meeting will be rescheduled for a date to be announced, the source said.

Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC are the bookrunners on the deal.

The facility consists of a $25 million five-year revolver and a $505 million six-year first-lien term loan.

Included in the deal is a maximum total leverage covenant.

Proceeds will be used to refinance existing debt.

U.S. TelePacific is a Los Angeles-based competitive local exchange carrier.

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