Ufinet launches $70 million fungible incremental covenant-lite loan

By Paul A. Harris

Portland, Ore., March 29 – Ufinet launched a $70 million fungible incremental covenant-lite first-lien term loan due July 2025 (expected ratings B2/B-) on a Monday lender call, according to a market source.

Credit Suisse, Natixis, Scotia and Santander are the arrangers.

Pricing features a 450 basis points spread to Libor and a 0% Libor floor.

The issue price remains to be determined.

The maturity, spread and floor are the same as those of the existing loan.

The 101 soft call protection resets for six months.

Commitments are due at 10 a.m. ET on Thursday.

The borrowing entities are Zacapa Sarl and Zacapa LLC.

The Madrid-based provider of fiber infrastructure and transmission services to telecom operators plans to use the proceeds for general corporate purposes.

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