Learfield shifts funds between term loans, updates offer prices

By Sara Rosenberg

New York, Jan. 29 - Learfield Communications Inc. upsized its add-on first-lien term loan due October 2020 to $65 million from $60 million and downsized its add-on second-lien term loan due October 2021 to $20 million from $25 million, according to a market source.

Also, the offer price on the first-lien term loan was revised to par ½ from par, and the offer price on the second-lien term loan was changed to 102 from par, the source said.

Pricing on the first-lien term loan is Libor plus 400 basis points with a 1% Libor floor, and pricing on the second-lien term loan is Libor plus 775 bps with a 1% Libor floor.

The first-lien term loan has 101 soft call protection until April 2014, and the second-lien term loan has call protection of 102 until October 2014 and 101 until October 2015.

Recommitments are due at noon ET on Thursday, accelerated from the original deadline of noon ET on Friday, the source added.

Deutsche Bank Securities Inc. is the bookrunner on the $85 million of fungible add-on covenant-light term loans.

Proceeds will be used to help fund the acquisition of Nelligan Sports Marketing Inc.

Learfield is a college sports multimedia rights marketing company.

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