Sprint Communications completed a $900 million fungible add-on to its B-1 term loan due February 2024 (L+300, 0.75% LIBOR floor) in a transaction led by J.P. Morgan, according to sources. Terms were finalized tight to talk at an OID of 98, with a $500 million upsizing. Proceeds will be used for general corporate purposes. The issuer in November 2018 placed the original $1.1 billion TLB-1. Overland Park, Kan.–based Sprint Communications, a wholly owned subsidiary of Sprint Corp. (NYSE: S), is a provider of U.S. wireless telecommunications. Terms:
|Issue||$900 million fungible add-on B-1 term loan|
|Call protection||101 soft call|
|Notes||Upsized by $500 million.|
LCD comps is an offering of S&P Global Market Intelligence. LCD’s subscription site offers complete news, analysis and data covering the global leveraged loan and high yield bond markets. You can learn more about LCD here.