Bloomberg News

EarthLink Said to Cancel Plan to Seek $450 Million of Loans

March 04, 2013

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.

To contact the reporter on this story: Michael Amato in New York at mamato3@bloomberg.net

To contact the editor responsible for this story: Chapin Wright at cwright4@bloomberg.net


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Companies Mentioned

  • ELNK
    (EarthLink Holdings Corp)
    • $3.62 USD
    • 0.01
    • 0.14%
  • RF
    (Regions Financial Corp)
    • $9.91 USD
    • 0.15
    • 1.56%
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