RCN Grande lifts term B to $2.69 billion, updates OID talk to 99

By Sara Rosenberg

New York, Sept. 10 – RCN Grande (Radiate Holdco LLC) upsized its term loan B due September 2026 to $2.69 billion from $1.19 billion, according to a market source.

Also, the original issue discount on the term loan was changed to 99 from revised talk of 98.5 but is the tight end of initial talk that was in the range of 98.5 to 99, the source said.

Price talk on the term loan remained at Libor plus 350 basis points to 375 bps with a 0.75% Libor floor.

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

Earlier in syndication, price talk on the term loan was revised from Libor plus 400 bps.

J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Barclays, Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc., Societe Generale and UBS Investment Bank are the leads on the deal.

Commitments are due at 10 a.m. ET on Friday, the source added.

Proceeds will be used with $1.75 billion of bonds, downsized from $3.25 billion, to repay existing debt and fund a dividend.

RCN Grande is a broadband services provider.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.