The bank debt for Western Wireless Corp. rose about four points following a lender call last Monday, market players said. The "B" loan rose into the 971/2 to 981/2 context, where trades were said to be completed. The company is rumored to be pursuing a bond deal with a significant amount of the proceeds slated to pay down bank debt. One market player suggested that Western Wireless may also look to refinance its existing credit into a smaller deal. The company currently has a $2.1 billion credit with TD Securities as administrative agent.
Market players have been speculating that other wireless names will follow in the footsteps of Centennial Communications Corp., which was able to increase a bond offering last month (LMW, 6/23). The market for Western Wireless bank debt has recovered significantly since hitting a low around the 55-60 range late last fall, according to LoanX. Calls to Wayne Wisehart, executive v.p. and cfo, were referred to Steve Winslow, an investor relations spokesperson, who did not return calls.