Adelphia Eyes September Launch
Adelphia Communications is shopping for banks to be co-arrrangers on the $2.5 billion credit that is likely to go into syndication in September. Lea banks First Union, Bank of Nova Scotia and administrative agent Bank of Montreal, are looking for more underwriters to fill out the deal. A number of market players are said to be eyeing the slots, but no names could be ascertained. Adelphia's loans have traditionally carried pricing around LIBOR plus 2 3/4 %, according to analysts who follow the company. The loan will be used to refinance existing debt. Officials at the lead banks were either unavailable for comment or could not be reached by press time. Karen Chrosniak, director of investor relations, did not return calls by press time.