West Corp. readies launch of $470 million term loan B-12 for Wednesday

By Sara Rosenberg

New York, May 26 – West Corp. is set to hold a bank meeting on Wednesday to launch a $470 million seven-year term loan B-12, according to a market source.

The company already held a bank meeting on Thursday to launch a $750 million term loan A-2 and a $300 million extended revolver, both talked at Libor plus 250 basis points, the source said.

Commitments for the term loan A-2 and revolver are due in two weeks.

Early talk on the term loan B-12 is Libor plus 325 bps with a 0.75% Libor floor and an original issue discount of 99.5, the source added.

The term loan B-12 has 101 soft call protection for six months.

Wells Fargo Securities LLC, Deutsche Bank Securities Inc. and Bank of America Merrill Lynch are the lead banks on the $1.52 billion credit facility.

Proceeds from the revolver will be used to replace an existing $300 million revolver due July 2019, and the term loan A-2 and term loan B-12 will be used to help refinance borrowings under an existing term loan A-1 due July 2019 and an existing term loan B-10 due June 2018.

West is an Omaha, Neb.-based technology-driven communication services provider.

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