Credit Suisse and UBS are wrapping their repricing for Global Tel Link 25 bps wide of initial talk. The deal will clear at L+475, up from L+450, with a 1.25% LIBOR floor and 101 soft call protection for one year. The repriced loan is offered at par.

Commitments are due today.

Pricing on the deal was flexed higher. An explanation of flex pricing can be found in the online Loan Market Primer, here.

The existing loan is priced at L+550, with a 1.5% LIBOR floor, and it will be repaid at its current 101 call price. The original $635 million amount has since been reduced to $620 million.

The provider of prison telephone services was acquired by America Securities late last year. Financing for that transaction was arranged by Credit Suisse, UBS, GE Capital, and Nomura. The term loan was quoted in a 100.5/101 context prior to the news. It was issued at 98 in December.

Loan and issuer ratings are B/B2. – Chris Donnelly