CNSL - Consolidated Communications reprices term loan

Consolidated Communications (CNSL) wholly-owned subsidiary completed a repricing of its existing term loan, due October 2027.The company entered into a second amendment to its credit agreement to refinance $999.9M of its Term Loan B at LIBOR plus 3.50% with a 0.75% LIBOR floor.The repricing of the term loan reduced the combined interest rate margin and LIBOR floor by 1.5%.The repricing combined with recent notes offering is expected to reduce annual cash interest by ~$18M annually and ~$14M in annual term loan amortization.The term loan maturity date is October 2027.The company is updating its 2021 guidance for cash interest expense to be in a range of $130M to $135M (vs. earlier range of $142M to $152M).Shares trading 0.36% higher premarket

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Consolidated Communications reprices term loan