RCN ups spread on $300 million incremental loan to Libor plus 350 bps

By Sara Rosenberg

New York, June 18 – RCN (Radiate Holdco LLC) increased pricing on its non-fungible $300 million incremental first-lien term loan (B) due February 2024 to Libor plus 350 basis points from Libor plus 325 bps, according to a market source.

Also, the original issue discount on the term loan is now talked at 98.5, versus prior guidance in the range of 98.5 to 99.03, the source said.

The term loan still has a 0.75% Libor floor and 101 soft call for six months.

Guggenheim Securities, Bank of America Merrill Lynch, Barclays, Goldman Sachs Bank USA, J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc., Nomura and SocGen are the lead arrangers on the deal. TPG Capital BD is a co-manager.

Commitments are due at noon ET on Wednesday, the source added.

Proceeds will be used to fund a shareholder distribution.

RCN is a cable operator.

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