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Consolidated Communications Said to Seek $515 Million Term Loan

November 19, 2012

Consolidated Communications Holdings Inc. (CNSL:US) is seeking a $515 million term loan to refinance its non- extended term loan B, according to a person with knowledge of the transaction.

The six-year debt will pay interest at 3.75 percentage points to 4 percentage points more than the London interbank offered rate, said the person, who asked not to be identified because the information is private. Libor, a rate banks say they can borrow in dollars from each other, will have a 1.25 percent floor.

Consolidated Communications is proposing to sell the loan at 99 cents on the dollar, the person said, reducing proceeds for the company and boosting the yield to investors.

Lenders are being offered one-year soft-call protection of 101 cents, meaning the company would have to pay 1 cent more than face value to refinance the debt during the first year, the person said.

Wells Fargo & Co. is arranging the financing for the Mattoon, Illinois-based communications provider, according to the person.

The company’s non-extended term loan due in 2014 pays interest at 2.5 percentage points more than Libor and was quoted at 99.375 cent today, according to data compiled by Bloomberg.

Laura ZuHone, a spokeswoman for Consolidated Communications, didn’t immediately respond to an e-mail seeking comment.

To contact the reporter on this story: Michael Amato in New York at

To contact the editor responsible for this story: Faris Khan at

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