World Wrestling obtains $200 million amended and restated revolver

By Sarah Lizee

Olympia, Wash., May 24 – World Wrestling Entertainment, Inc. entered into an amended and restated $200 million senior unsecured revolving credit facility with JPMorgan Chase Bank, NA acting as administrative agent on Friday, according to an 8-K filing with the Securities and Exchange Commission.

The amended and restated credit agreement replaces the previous $100 million revolver.

The amended facility increases the aggregate amount available to the company to $200 million from $100 million, extends the maturity date to May 24, 2024 from July 29, 2021 and increases the uncommitted accordion feature to $100 million from $50 million.

The amended facility also increases the basket for permitted liens to $35 million from $5 million, provides the company with greater flexibility to make investments and capital expenditures and excludes the company’s new corporate headquarters lease from the leverage and interest coverage ratios.

Up to $30 million of the revolver is available for letters of credit.

Interest is Libor plus 100 basis points to 175 bps, and the commitment fee ranged from 15 bps to 25 bps, in each case based on leverage. Interest is initially Libor plus 125 bps.

The borrower is a Stamford, Conn.-based integrated media company.

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