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Communications Sales & Leasing seeking term loan repricing

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Communications Sales & Leasing seeking term loan repricing

Communications Sales & Leasing Inc. is looking to fully reprice its existing term loans and is in negotiations with lenders to amend its senior secured credit agreement.

In October 2016, the company repriced $2.1 billion in outstanding term loans under the credit agreement. The annual interest rate dropped 50 basis points to LIBOR plus 3.50%, with a 1.0% minimum LIBOR rate.

According to its annual report for 2015, the company incurred about $3.65 billion in long-term debt related to its spinoff from Windstream Holdings Inc. in April 2015. That debt included about $2.14 billion in term loans under the senior secured credit facilities and $1.51 billion of notes.