StubHub lifts U.S. term loan to $1.95 billion, updates pricing

By Sara Rosenberg

New York, March 12 – StubHub Holdings Inc. (StubHub Holdco Sub LLC) upsized its U.S. senior secured term loan B due March 2030 to $1.953 billion from $1 billion, according to a market source.

Also, price talk on the U.S. term loan was changed to a range of SOFR plus 475 basis points to 500 bps from just SOFR plus 500 bps, and then firmed at SOFR plus 475 bps following the 11 a.m. ET recommitment deadline, the source said.

In addition, the original issue discount on the U.S. term loan was tightened to 99 from talk in the range of 98 to 98.5.

Regarding the company’s €452 million senior secured term loan B due March 2030, original issue discount talk was revised to a range of 98.5 to 99 from a range of 98 to 98.5 and then finalized at 99 after the recommitment deadline, the source continued.

The U.S. term loan still has a 0% floor, the euro term loan remained priced at Euribor plus 500 bps with a 0% floor, and both loans (B3/B-) still have 101 soft call protection for six months and no margin steps.

JPMorgan Chase Bank is the left lead and the administrative agent on the deal.

Proceeds will be used to amend and extend in full, revised from a partial extension, the company’s existing $1.632 billion term loan B due February 2027 priced at SOFR plus 350 bps and $321 million term loan B-2 due February 2027 priced at SOFR plus 425 bps, and to extend in full a €452 million term loan B due February 2027 priced at Euribor plus 350 bps.

StubHub is a Wilmington, Del.-based ticketing marketplace for live events.

© 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.