The advisors to an ad hoc group of lenders of IPC Systems’ L+450 bps first lien term loan B due August 2021, Milbank as counsel and Centerview Partners as financial advisor, have signed nondisclosure agreements to prepare for refinancing negotiations with the company and sponsor Centerbridge Partners, according to sources.
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Milbank
advised first lien term lender HPS Partners during balance sheet discussions last year, as reported.
The communications services provider for financial firms
reached an agreement last year with its lenders holding a vast majority of the $316 million L+950 bps second lien term loan due February 2022 to PIK interest payments as an alternative to Centerbridge’s proposal of an uptier exchange of the second lien term loan for a 1.5 lien term loan at a discount that would increase in proportion to the participation rate, as reported.
An ad hoc group of second lien lenders is advised by Proskauer as legal advisor and PJT Partners as financial advisor, as reported.
The first lien term loan was quoted today at 84/85, and the second lien term loan was quoted at 7/10, according to a trading desk.
IPC Systems, Centerbridge Partners and Milbank did not immediately respond to requests for comment. A representative for Centerview Partners declined to comment.
--Harvard Zhang, Adelene Lee