Toronto Dominion has launched syndication of a seven-year, add-on of approximately $57 million to Persona Communications' term loan "C" to back the acquisition of Northern Cablevision. It is priced at LIBOR plus 3% and was launched to mostly existing lenders. Based in Newfoundland, Canada, the company provides cable and internet access to seven Canadian provinces.
TD led the initial loan which backed the leveraged buyout of Persona by Hicks, Muse, Tate & Furst, TD Capital Canadian Private Equity Partners and CIBC Capital Partners in 2004. That facility consisted of a C60 million revolver, with pricing set on a grid it currently sits at LIBOR plus 3 1/4% -- a $107 million term loan "B" priced at LIBOR plus 3% and a C70 million term loan "C," also priced on a grid and currently sitting at LIBOR plus 3 1/4%.
Charles Hutchings, Persona's v.p., finance, did not return calls, nor did officials at Northern Cablevision.