RCN Grand Wave lifts incremental first-lien term loan to $1.43 billion

By Sara Rosenberg

New York, Nov. 15 – RCN Grand Wave (Radiate Holdco LLC) upsized its fungible incremental first-lien term loan due Feb. 1, 2024 to $1,425,000,000 from $1,275,000,000, according to a market source.

As before, pricing on the loan is Libor plus 300 basis points with a 0.75% Libor floor and an original issue discount of 99, and the debt has 101 soft call protection for six months.

Along with the term loan, the company is getting a $150 million incremental revolver.

UBS Investment Bank, Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc., Nomura, Goldman Sachs Bank USA and Bank of America Merrill Lynch are the bookrunners on the deal.

Recommitments were scheduled to be due at 5 p.m. ET on Wednesday, the source said.

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.

The upsize of the term loan will be used to reduce the senior bridge facility or expected senior notes by the same amount, the source added.

Closing is expected this year, subject to customary conditions.

RCN is a cable operator.

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