Trading of the bank debt of Telcordia Technologies was halted and the syndicate deal pulled back as a planned bond deal was postponed. JPMorgan and Bear Stearns led the $670 deal. [The $570 million term loan "B" was eventually re-priced at LIBOR plus 2 3/4%, with a step-down to LIBOR plus 2 1/2% if leverage was reduced below five times. The $100 million revolver remained at LIBOR plus 2 1/2%. The $300 million bond offering was priced at 10% with one-year call protection of 101 and pricing locked for six months.]
One Year Ago In The Credit Markets
