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TelePacific $305 million credit facility to launch Monday
By Sara Rosenberg
New York, July 11 - TelePacific Communications is scheduled to hold a bank meeting on Monday to launch its proposed $305 million senior secured credit facility, according to a market source.
Credit Suisse and Bank of America are the joint lead arrangers on the deal.
The facility consists of a $30 million revolver (B2), a $175 million first-lien term loan (B2) and a $100 million second-lien term loan, the source said.
Proceeds will be used to fund the acquisition of Mpower Holding Corp. for $1.92 in cash per Mpower share, which equates to a total equity value of about $204 million on a fully diluted basis.
TelePacific, an Investcorp portfolio company, is a Los-Angeles-based provider of business telecommunications network services to small-to-medium sized businesses in California and Nevada. Mpower is a Pittsford, N.Y.-based broadband communications provider.
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