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RCN to launch $595 million credit facility Tuesday
By Sara Rosenberg
New York, March 15 - RCN Corp. is scheduled to hold a bank meeting on Tuesday afternoon to launch its proposed $595 million credit facility, according to a market source.
Deutsche Bank is the left lead bank on the deal.
The facility consists of a $75 million revolver and a $520 million term loan B, the source said, adding that price talk is not yet available.
Proceeds will be used to refinance existing first-lien debt, tender for second-lien convertibles and pay a special dividend to shareholders.
RCN is a Herndon, Va.-based provider of video, data and voice services.
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