Bank of America and Deutsche Bank held a bank meeting last week to launch syndication of a $150 million add-on to the existing credit of FairPoint Communications, Inc. The new credit adds $75 million to both an existing $67 million term loan "B" and $70 million term loan "C."
A banker said pricing and structure will change. The new deal includes a $250 million, three-year revolver priced at LIBOR plus 23/4 %; a five-year $142 million term loan "B" priced at LIBOR plus 31/4 %; and a $145 million, term loan "C" with pricing of LIBOR plus 31/4 %. Participants will also receive a fee of an additional 25 basis points.