(Bloomberg) -- Telecommunications infrastructure firm CommScope Holding Co. reached a deal with a group of creditors led by Apollo Global Management and Monarch Alternative Capital to refinance $4.3 billion of debt coming due by 2026, the company said in a press release on Tuesday.
The company has commitments for a new $3.15 billion first-lien term loan and $1 billion in first-lien notes that will be used to repay around $1.3 billion of its unsecured bonds due next year and a $3 billion term loan B due in 2026, according to the statement. CommScope will also use the proceeds from a planned $2.1 billion asset sale to Amphenol Corp. to fully repay its secured notes coming due in 2026.
The new term loans will mature in 2029, while the first-lien notes will mature in 2031, according to the release. Bloomberg reported last month that creditors including Apollo and Monarch entered into confidential talks with the telecommunications infrastructure firm on a potential extension of debt maturities.
CommScope expects its debt to adjusted earnings before interest, taxes, depreciation and amortization to be below 6 times by the end of 2026, from 9 times as of its third quarter earnings reported in November.
Investment bank Moelis & Co. and law firm Latham & Watkins LLP advised the company, while PJT Partners and Gibson Dunn & Crutcher LLP were the financial and legal advisers to the lenders, respectively.
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