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RCN Grand Wave to launch $1.43 billion in incremental loans Tuesday
By Sara Rosenberg
New York, Oct. 27 – RCN Grand Wave is scheduled to hold a bank meeting at 10:30 a.m. ET in New York on Tuesday to launch its $1,425,000,000 of incremental credit facilities, according to a market source.
UBS Investment Bank, Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc. and Nomura are the leads on the deal.
The debt consists of a $150 million incremental revolver and a fungible $1,275,000,000 incremental term loan.
Proceeds will be used to help fund the acquisition of Wave Broadband, a regional broadband fiber company, from Oak Hill Capital Partners, management and GI Partners.
Closing is expected this year, subject to customary conditions.
RCN is a cable operator.
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