SourceMedia cuts $170 million facility pricing to Libor plus 500 bps

By Sara Rosenberg

New York, Jan. 18 - SourceMedia Inc. reduced pricing on its $170 million credit facility, consisting of a $25 million revolver and a $145 million term loan, to Libor plus 500 basis points from Libor plus 525 bps, according to a market source.

In addition, the original issue discount was tightened to 99 from 981/2, and 101 soft call protection for one year was added to the term loan, the source said.

The 1.5% Libor floor was left unchanged.

Recommitments were due from lenders by 5 p.m. ET on Tuesday.

Citigroup Global Markets Inc., GE Capital and BMO Capital Markets Corp. are the lead banks on the deal, with Citi the left lead.

Proceeds will be used to refinance existing debt.

SourceMedia, an Investcorp company, is a New York-based provider of news, analysis, research, data and insights for members of the financial services community and related fields in professional services and technology.

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