F+W Media ups spread on $135 million facility to Libor plus 650 bps

By Sara Rosenberg

New York, June 24 - F+W Media Inc. increased pricing on its $135 million credit facility to Libor plus 650 basis points from talk of Libor plus 500 bps to 525 bps, according to a market source.

The facility consists of a $10 million revolver and a $125 million term loan B.

Along with the spread change, the original issue discount on the B loan was widened to 97 from 99 and the debt was made non-callable for one year. It becomes callable at 102 in year two and 101 in year three, as opposed to just having 101 soft call protection for one year, the source said.

As before, both tranches have a 1.25% Libor floor.

Macquarie Capital is leading the deal.

Proceeds will be used to refinance existing debt.

Net first-lien leverage is 3.7 times.

With the refinancing, the company is extending the maturity on its existing $25 million second-lien term loan.

The second-lien loan is not being syndicated since existing lenders have rolled over their commitments already.

F+W Media is a community-focused content creator and marketer of products and services for enthusiasts. Its main offices are in Blue Ash, Ohio, New York City and Broomfield, Colo.

© 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.