TowerCo launches $350 million term loan at Libor plus 375-400 bps

By Sara Rosenberg

New York, Jan. 20 - TowerCo launched its $350 million six-year term loan on Thursday with talk of Libor plus 375 basis points to 400 bps with a 1.5% Libor floor and an original issue discount of 99 to 991/2, according to a market source.

The company's $390 million credit facility (Ba3/BB) also includes a $40 million four-year revolver.

Morgan Stanley & Co. Inc., TD Securities LLC and Fifth Third Bank are the lead banks on the deal.

Proceeds will be used to refinance existing debt and fund a dividend.

TowerCo is a Cary, N.C.-based owner and leaser of communication towers.

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