EarthLink Inc. (ELNK:US), an Internet service provider, canceled plans to seek $450 million of loans to refinance debt, according to a person with knowledge of the transaction who asked not to be identified because the information is private.
The company was seeking a $300 million, six-year term loan B and a $150 million revolving line of credit maturing in four years, according to data compiled by Bloomberg.
The term piece was to pay interest at 4 percentage points more than the London interbank offered rate with a 1 percent floor and be sold at 99 cents on the dollar, Bloomberg data show.
Bank of America Corp., Credit Suisse Group AG, Deutsche Bank AG and Regions Financial Corp. (RF:US) were arranging the financing, the data show.
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