RCN Cable plans to launch $775 million term loan B on Wednesday

By Sara Rosenberg

New York, Feb. 12 - RCN Cable will hold a conference call on Wednesday to launch a $775 million term loan B, according to a market source.

SunTrust Robinson Humphrey Inc., GE Capital Markets and TD Securities (USA) LLC are the lead banks on the deal.

Price talk on the term loan B is Libor plus 400 basis points with a 1.25% Libor floor and an original issue discount of 991/2, the source said.

The B loan has 101 soft call protection for six months.

Proceeds will be used to refinance a roughly $555 million term loan B that is priced at Libor plus 400 bps with a 1.25% Libor floor and pay a dividend.

The existing term loan B has 101 repricing protection, but because pricing is not changing, lenders will get paid out at par, rather than at 101, the source said.

RCN Cable is a broadband services provider.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.