Investors Grumble but Don't Balk at Cov-Lite CommScope

Sheahan, Matthew; Kellerhals, Richard
January 2011
High Yield Report;1/10/2011, Vol. 22 Issue 2, p15
The article reports on the mixed reaction of investors to the cov-lite term loan portion of a 2.9 billion U.S. dollar debt package for Hickory, North Carolina-based telecommunications infrastructure provider CommScope in 2011. As disclosed, underwriter JPMorgan is arranging the 1 billion U.S. dollar term loan, which matures in 2017. The term loan is priced at Libor plus 400 basis points (bps). Other topics discussed include CommScope's outstanding debt and the Ba3 rating assigned by Moody's Investors Service.


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