Calyon, BNP Paribas, ING, Scotia Capital and Sumitomo Bank have signed on at the senior managing agent tier for PanAmSat Corp.'s $2.91 billion credit. The facility is made up of a $250 million revolver, $800 million "A" loan and $1.86 billion "B" loan. Lead arrangers Credit Suisse First Boston and Citibank were looking for $75 million tickets on the pro rata and the agents could also underwrite $25 million of the "B" loan for a combination of upfront fees and bond economics, a market participant said. The tier closed Tuesday morning.
Price talk on the pro rata and "B" loan is LIBOR plus 2 1/2% and LIBOR plus 2 3/4%, respectively. Bear Stearns, Lehman Brothers and Bank of America are co-documentation agents on the facility. The credit backs the acquisition of the satellite operator by Kohlberg Kravis Roberts & Co., The Carlyle Group and Providence Equity Partners.