Bell Actimedia's C$1.64 billion directories deal is en route to closing this week after some structural and price changes. The $725 million (C$1.1 billion) "B" loan is now a $625 million (C$950 million) "C" loan. A $100 million, six-and-a-half year "B" piece, denominated in Canadian dollars, has been carved out due to market demand, said a banker. Pricing was flexed from LIBOR plus 4% to LIBOR plus 41/ 4% on the "C" and there is a 1% original issue discount, he added. The tenor on the "C" tranche is eight-and-a-half years and there is call protection at 101, a banker added.
The Credit Suisse First Boston, Scotia Capital and CIBC World Markets-led credit further includes a C$400 million "A" loan and a C$100 million revolver. There is a commitment fee of 75 basis points on the revolver. Kohlberg Kravis Roberts & Co. and the Teacher's Merchant Bank are acquiring Actimedia from Bell Canada for C$3 billion. Bankers on the deal either declined to comment or did not return calls. A Teacher's spokesman could not provide an update on the financing and officials at KKR did not return calls.