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RCN Cable sets spread on $790 million term B at Libor plus 350 bps
By Sara Rosenberg
New York, Nov. 25 - RCN Cable (RCN Services Telecom LLC) firmed pricing on its $790 million term loan B at Libor plus 350 basis points, the low end of the Libor plus 350 bps to 375 bps guidance, according to a market source.
The loan still has a 1% Libor floor, a par offer price and 101 soft call protection for six months.
SunTrust Robinson Humphrey Inc., TD Securities (USA) LLC and Credit Suisse Securities (USA) LLC are the lead banks on the deal.
Proceeds will be used to reprice an existing term loan B from Libor plus 400 bps with a 1.25% Libor floor.
RCN Cable is a cable provider that services Boston, Chicago, Washington, D.C., Lehigh Valley, Pa., New York City and Philadelphia.
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