Wenner Media cuts spread on $144 million term B to Libor plus 500 bps

By Sara Rosenberg

New York, May 14 - Wenner Media LLC decreased pricing on its $144 million term loan B (B3/BB-) to Libor plus 500 basis points from Libor plus 550 bps, according to a market source.

Also, the original issue discount was tightened to 99¾ from 991/2, the source said.

The term loan has a 1% Libor floor and 101 soft call protection for one year.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to refinance an existing term loan B.

Wenner Media is a New York-based provider of entertainment and lifestyle brand publications.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.