Teligent Inc.'s bank debt dipped slightly last week, falling to 50 from an earlier bid level of about 55. Dealers last week differed over whether any of the paper actually changed hands, but all agreed levels are down after bumping up to 55. The competitive local exchange carrier is based in Vienna, Va. John Wright, cfo, referred calls to a spokesman, who did not return them by press time. Late last year Teligent's bank debt traded down to 53 after the company released disappointing earnings figures and took cost-cutting measures including eliminating jobs (LMW, 11/27). Dealers characterized the CLEC industry as struggling for new subscribers. J.P. Morgan Chase leads the deal for the $800 million credit facility, which breaks down into a $65 million revolver as well as two term loans of $535 million and $200 million. A bank spokesman did not return calls for comment.
Teligent Inc.’s Debt Level Drops