TouchTunes launches $385 million term loan at SOFR plus 525 bps

By Sara Rosenberg

New York, April 7 – TouchTunes (TA TT Buyer LLC) launched on Thursday its $385 million seven-year covenant-lite first-lien term loan with price talk of SOFR plus 525 basis points with a 0.5% floor and an original issue discount of 98 to 98.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Expected term loan ratings are B1/B-.

Citizens Bank is the lead arranger and administrative agent on the deal.

Commitments are due on April 21, the source added.

Proceeds will be used to help fund the buyout of the company by TA Associates from Searchlight Capital Partners LP and Newlight Partners LP.

TouchTunes is a New York-based in-venue, interactive music and entertainment platform.

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