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Airvana lifts spread on $420 million term loan to Libor plus 800 bps
By Sara Rosenberg
New York, March 18 - Airvana Corp. increased pricing on its $420 million four-year term loan (B3/B+) to Libor plus 800 basis points from initial talk of Libor plus 700 bps to 725 bps, according to a market source.
In addition, the Libor floor was raised to 2% from 1.5%, and the original issue discount widened to 98 from 99, the source said.
As before, the loan includes 101 soft call protection for one year.
Societe Generale and Macquarie are the joint bookrunners on the deal, with Societe Generale the left lead.
Proceeds will be used to refinance an existing term loan that was obtained in August 2010 and to fund a dividend payment.
At close last year, the term loan was sized at $360 million and priced at Libor plus 900 bps with a 2% Libor floor. It was sold at an original issue discount of 98 and used for a dividend recapitalization.
Total leverage is 1.8 times and EBITDA is around $234 million versus $165 million at the time of the last transaction.
Airvana is a Chelmsford, Mass.-based provider of mobile broadband network infrastructure products.
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