US telco TW Telecom has refinanced a credit agreement increasing the amount of debt, pushing out maturities, and lowering borrowing rates.
TW’s US$462m outstanding term loan B has been enlarged to US$520m with a new final maturity date of April 2020,…
US telco TW Telecom has refinanced a credit agreement increasing the amount of debt, pushing out maturities, and lowering borrowing rates.
TW’s US$462m outstanding term loan B has been enlarged to US$520m with a new final maturity date of April 2020, extended from 2016. Interest on the term loan was cut from eurodollar rate plus 3.25%, to eurodollar rate plus 2.50%.
It also increased its undrawn US$80m revolver to US$100m and pushed that maturity out from 2014 to 2018. Interest on any potential outstanding borrowings on the revolver was decreased from eurodollar rate plus a range of 2.50% to 3.50%, to eurodollar rate plus 1.75% to 2.75%.
Wells Fargo acted as administrative agent, collateral agent, sole lead arranger and joint bookrunner. Credit Suisse and Morgan Stanley were co-syndication agents and joint bookrunners.
TW offers local and long-distance voice, VoIP, Ethernet and internet services to business clients and other operators.
