RCN Grande firms $2.69 billion term loan B at Libor plus 350 bps

By Sara Rosenberg

New York, Sept. 11 – RCN Grande (Radiate Holdco LLC) finalized pricing on its $2.69 billion term loan B due September 2026 at Libor plus 350 basis points, the low end of revised talk of Libor plus 350 bps to 375 bps and down from initial talk of Libor plus 400 bps, according to a market source.

The term loan still has a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

Earlier in syndication, the term loan was upsized from $1.19 billion and the discount was tightened from revised talk of 98.5 but ended up in line with the tight end of initial talk that was in the range of 98.5 to 99.

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.

Proceeds will be used with $1.75 billion of bonds, which were downsized from $3.25 billion with the term loan upsizing, to repay existing debt and fund a dividend.

RCN Grande is a broadband services provider.

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