Liberty Puerto Rico flexes $500 million term B to Libor plus 375 bps

By Sara Rosenberg

New York, March 24 – Liberty Communications of Puerto Rico LLC reduced pricing on its $500 million term loan B (B1/B+/BB) to Libor plus 375 basis points from Libor plus 400 bps, according to a market source.

Also, the issue price on the term loan firmed at par, the tight end of the 99.75 to par talk, the source said.

The term loan still has a 0% Libor floor and 101 soft call protection for six months.

JPMorgan Chase Bank, BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Santander and Bank of Nova Scotia are the leads on the deal. Scotia is the administrative agent.

Commitments continue to be due at noon ET on Thursday, the source added.

Proceeds will be used with $820 million of senior secured notes to refinance an existing term loan, to fund a dividend and for general corporate purposes.

Liberty Puerto Rico is a Puerto Rico-based telecommunications company.

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