TowerCo ups six-year term loan to $400 million, sets spread at Libor plus 375 bps, fixes OID at 99½

By Sara Rosenberg

New York, Jan. 25 - TowerCo increased its six-year term loan to $400 million from $350 million and firmed pricing at Libor plus 375 basis points, the tight end of the Libor plus 375 bps to 400 bps talk, according to a market source.

In addition, the original issue discount firmed at 991/2, the low end of the 99 to 99½ guidance.

The 1.5% Libor floor was left unchanged.

Commitments are due at noon ET on Thursday.

The company's now $440 million, up from $390 million, credit facility (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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