Sesac launches $115 million add-on first-lien term loan at OID of 99½

By Sara Rosenberg

New York, April 1 - Sesac launched on Tuesday its $115 million add-on first-lien term loan with original issue discount talk of 991/2, according to market sources.

Pricing on the add-on is Libor plus 400 basis points with a 1% Libor floor, in line with the existing term loan.

With this transaction, the add-on and the existing term loan will get 101 soft call protection for six months, sources said.

Also, existing lenders are being offered a 25 bps amendment fee.

Commitments are due on Friday, sources added.

Jefferies Finance LLC is leading the deal.

Proceeds will be used to pay down second-lien term loan borrowings.

Sesac is a Nashville, Tenn.-based performing rights organization that represents the interests of individual songwriters and publishers of music to ensure they are compensated for the public performance of their copyrighted material.

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