Goldman Sachs and GE Capital were expected to launch syndication of $266 million of loans for Data Transmission Networks last Friday. The deal consists of a seven-year, $181 million term loan and a five-year, $25 million revolving credit facility. There is also a seven-and-a-half-year, $60 million second-lien term loan. Pricing on the first-lien tranches is LIBOR plus 3% and pricing on the second-lien is LIBOR plus 8%. The facility is being used by DTN to refinance debt.
The company is refinancing loans launched last May and structured as a five-year, $20 million revolver and a $155 million term loan "B." Pricing on both tranches is LIBOR plus 3 1/4%. Goldman Sachs led that deal.
Based in Omaha, Neb., DTN provides news and information on topics ranging from the weather to finance, and can be accessed through text and video on the internet and from satellite feeds. Calls to John Leiferman, chief operating officer at DTN, and bankers at GE and Goldman, were not returned.