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Xplornet to launch C$1.28 billion U.S. equivalent term loan Thursday
By Sara Rosenberg
New York, May 20 – Xplornet Communications Inc. is scheduled to hold a lender call at 11:30 a.m. ET on Thursday to launch a C$1.275 billion U.S. dollar equivalent seven-year covenant-lite first-lien term loan, according to a market source.
The company is also getting a C$150 million revolving credit facility.
Credit Suisse Securities (USA) LLC, Barclays, BMO Capital Markets and Natixis are the joint lead arrangers on the deal.
The term loan has 101 soft call protection for one year, the source said.
Expected term loan ratings are B3/B-.
Commitments are due at 5 p.m. ET on May 28, the source added.
Proceeds will be used to help fund the acquisition of the company by Stonepeak Infrastructure Partners. Current chairman of the board Steve Weed and his fund WaveDivision Capital will remain material investors in the business.
Closing is subject to regulatory approval.
Xplornet is a Woodstock, New Brunswick-based broadband service provider in Canada.
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