Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers R > Headlines for Ribbon Communications Inc. > News item |
Ribbon talks $350 million term loan B at SOFR plus 550-600 bps, 98-98.5 OID
By Sara Rosenberg
Portland, Ore., April 24 – Ribbon Communications Inc. (B2/B-) talked its $350 million six-year term loan B at SOFR plus 550 basis points to 600 bps and an original issue discount of 98 to 98.5, according to a market source.
Commitments are due at 5 p.m. ET on May 6.
Citizens Bank is the lead arranger and administrative agent on the deal.
The term loan has hard call protection of 102 in year one and 101 in year two and has a maximum total net leverage covenant, the source said.
Proceeds will be used to refinance existing debt.
Ribbon is a Plano, Tex.-based provider of communications technology to service providers and enterprises.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.