The $100 million credit for Itasca, Ill.-based PrimeCo Personal Communications, led by Barclays and J.P. Morgan Chase, was filled last week, but only after pricing was jacked up 50 basis points to LIBOR plus 41/ 2%. Bankers familiar with the deal said original pricing of LIBOR plus 4% was considered tight and that progress was sluggish until the flex. Officials at Barclays declined to comment. The other banks that have signed up could not be ascertained. PrimeCo did not return calls.
The credit comprises an $80 million term loan "A" and a $20 million revolver. Clarity Partners and Pacific Capital Group are acquiring the Chicago-based service provider. Green Leaf Ridge Company, J.P. Morgan Capital Partners and Tregan Partners are also involved in the acquisition, being primarily funded by equity.