Level 3 Communications’ Financing division announced commitments from lenders to increase the borrowings under its existing $1.4 billion senior secured credit facility through the creation of a $220 million Tranche B Term Loan.
Level 3 Financing will amend and restate its existing senior secured credit facility to include a new $220 million Tranche B Term Loan, which will mature along with the original $1.4 billion term loan on March 13, 2014. Interest on the Tranche B Term Loan will be equal to LIBOR plus 850 bps with LIBOR set at a minimum of 3.00 percent. No changes will be made to any of the restrictive covenants contained in the existing senior secured credit facility.
The expected net proceeds of approximately $214 million will be used for general corporate purposes.
http://www.level3.com
