Cebridge Refi Brings Down Debt

The term loan "B" for St. Louis-based cable provider Cebridge Connections, now known as Suddenlink and owned by investment and management firm Cequel III, has slowly fallen about a point on news it is refinancing its existing debt.

  • 30 Mar 2007
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The term loan "B" for St. Louis-based cable provider Cebridge Connections, now known as Suddenlink and owned by investment and management firm Cequel III, has slowly fallen about a point on news it is refinancing its existing debt. The term loan was bid at 99 3/4 and offered at par last Wednesday afternoon, according to a dealer. The upsized seven-and-a-half year, $2.325 billion refinanced credit is being cut 25 basis points to LIBOR plus 2%, with an original issue discount of 99 3/4 and 101 soft call protection for 18 months.

Investors indulged in the initial $2.2 billion credit in April 2006 (CIN, 4/10). Led by Credit Suisse and Goldman Sachs, the existing $2.1 billion term loan is currently priced at LIBOR plus 2 1/4% (5/8). Cebridge tapped the banks last May to finance its acquisition of assets from Charter Communications and Cox Communications. Ralph Kelly, treasurer, declined comment.

  • 30 Mar 2007

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 3,136 9 13.58
2 Citi 2,562 6 11.09
3 Goldman Sachs 2,150 3 9.31
4 Credit Suisse 1,822 6 7.89
5 Societe Generale 1,814 4 7.86

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1 Citi 41,255.30 117 12.99%
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3 Wells Fargo Securities 32,082.26 89 10.11%
4 JPMorgan 20,969.41 64 6.60%
5 Credit Suisse 16,754.47 44 5.28%