Magnite lifts spread on $360 million term B to Libor plus 500 bps

By Sara Rosenberg

New York, April 1 – Magnite raised pricing on its $360 million seven-year first-lien term loan B (Ba3/B+) to Libor plus 500 basis points from talk in the range of Libor plus 425 bps to 450 bps, according to a market source.

Furthermore, the original issue discount on the term loan was changed to 97 from 99, the 101 soft call protection was extended to one year from six months and some revisions were made to documentation, the source said.

As before, the term loan has a 0.75% Libor floor and amortization of 1% per annum.

Goldman Sachs Bank USA, Fifth Third, SVB and Societe Generale are the bookrunners on the deal.

Recommitments were scheduled to be due at noon ET on Thursday, the source added.

Proceeds will be used to help fund the acquisition of SpotX from RTL Group for $1.17 billion in cash and stock. Magnite plans to issue 14 million shares to RTL.

Closing is expected in the second quarter, subject to receipt of regulatory approvals and satisfaction of customary conditions.

Magnite is a Los Angeles-based sellside advertising platform. SpotX is a Brookfield, Colo.-based video advertising platform.

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