Allen Media readies launch of $500 million term loan B for Wednesday

By Sara Rosenberg

New York, July 31 – Allen Media LLC is scheduled to hold a bank meeting at 10 a.m. ET in New York on Wednesday to launch a $500 million seven-year term loan B, according to a market source.

Deutsche Bank Securities Inc. and Jefferies LLC are the joint bookrunners on the deal.

The term loan B has a 0% Libor floor, 101 hard call protection for one year and a total leverage maintenance covenant, the source said.

Expected corporate ratings are B2/B-.

Proceeds will be used to support the Target Acquisition, repay existing debt, issue a dividend to management and fund cash to the balance sheet, the source added.

Commitments are due at noon ET on Aug. 10.

Allen Media is a media, content and technology company with a differentiated set of lifestyle and entertainment businesses across a variety of platforms.

© 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.