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Alcatel-Lucent Seeks Rate Cut; U.S. Renal Accelerates Deadline

August 01, 2013

Alcatel-Lucent SA (ALU:US) is seeking to reduce the rate on $2.1 billion of loans while U.S. Renal Care Inc. accelerated the deadline on $495 million in acquisition financing.

Telecommunications equipment and services provider Alcatel-Lucent is looking to lower the rate on a $1.74 billion covenant-light C portion and a 298 million-euro ($394 million) D piece that remains under a credit pact that comes due in January 2019, according to a person with knowledge of the transaction. Morgan Stanley, Credit Suisse Group AG and Deutsche Bank AG are arranging the deal and will host a lender call tomorrow at 11 a.m. in New York, said the person, who asked not to be identified because the deal is private.

U.S. Renal Care, the kidney dialysis services provider, is seeking commitments by Aug. 5 at 5 p.m. on $495 million of loans it’s seeking to support its acquisition of Ambulatory Services of America Inc., said a person with knowledge of the transaction. A $335 million first-lien piece will pay interest at 4.5 percentage points to 4.75 percentage points more than the London interbank offered rate, with a 1 percent minimum on the lending benchmark while a $160 million second-lien portion will pay interest at 8 percentage points more than Libor, with a 1 percent floor, the person said.

Exco Resources Inc. (XCO:US), an oil and gas exploration company, is seeking a $300 million term loan due in six years that will be used to refinance debt, according to a person with knowledge of the deal. JPMorgan Chase & Co. is leading the financing and will host a lender call at noon on Aug. 6. Exco has about $1.2 billion of outstanding debt (XCO:US), according to data compiled by Bloomberg.

Kodak Loans

Chemical distributor OCI Beaumont LLC is seeking a $360 million term loan due in six years to repay debt, according to a person with knowledge of the deal. Bank of America Corp., Barclays Plc and Citigroup Inc. are arranging the financing.

Eastman Kodak Co. (EKDKQ:US), the photographer pioneer that filed for bankruptcy in January 2012, obtained $695 million in loans to support its exit from Chapter 11, the Rochester, New York-based company said today in a statement distributed by Business Wire. The financing includes a $420 million, first-lien term piece and a $275 million, second-lien slice.

Loan prices rose 3 cents to 98.27 cents on the dollar, according to the Standard & Poor’s LSTA/Leveraged Loan 100 Index. The gain reverses six days of consecutive losses.

To contact the reporter on this story: Krista Giovacco in New York at

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

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