Insight Communications' "B" tranche traded up to 100 1/8 early last week, with an additional trade hitting the par 5/8 level. "It's a good asset with little supply in the market," a dealer said the reason. Also helping levels was the relief on the "B" tranche, which dealers said had been oversubscribed. They said that the levels have been stable. The New York City-based cable company has expanded into two-way broadband networks. It serves 1.5 million subscribers mainly in Illinois, Indiana, Kentucky and Ohio. Calls to the company were not returned by press time.
Insight has a $675 million credit facility that expires in 2006 and breaks down into three tranches. It is priced at 21Ž 2% over LIBOR.Toronto-Dominion Securities, Bank of America and Bank of New York are the lead arrangers, according to Capital DATA Loanware.