INAP launches $433.5 million term loan at Libor plus 550-575 bps

By Sara Rosenberg

New York, March 19 – INAP (Internap Corp.) launched on its call on Monday a $433.5 million first-lien term loan that is talked at Libor plus 550 basis points to 575 bps with a 1% Libor floor, according to an 8-K filed with the Securities and Exchange Commission on Monday.

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

Jefferies LLC is the lead on the deal.

Commitments are due on Friday morning, a market source added.

Proceeds will be used to reprice an existing first-lien term loan down from Libor plus 700 bps with a 1% Libor floor.

Net debt to adjusted EBITDA is 5 times and total debt to adjusted EBITDA is 5.1 times.

INAP is an Atlanta-based provider of IT Infrastructure solutions.

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