RCN talks $300 million incremental first-lien loan at 98.5 to 99.03

By Paul A. Harris

Portland, Ore., June 10 – RCN (Radiate Holdco LLC) talked its non-fungible $300 million incremental first-lien term loan due February 2024 (B1/B) with a 325 basis points spread to Libor, atop a 0.75% Libor floor, at 98.5 to 99.03, according to a market source.

The deal features 101 soft call protection for six months and a 1% annual amortization rate.

Commitments are due June 18.

Guggenheim Securities, Bank of America Merrill Lynch, Barclays, Goldman Sachs Bank USA, J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc., Nomura and SocGen are the lead arrangers on the deal. TPG Capital BD is a co-manager.

Proceeds will be used to fund a shareholder distribution.

RCN is a cable operator.

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