Learfield launches $475 million term loan at Libor plus 350-375 bps

By Sara Rosenberg

New York, Nov. 10 – Learfield Communications Inc. launched on Thursday its $475 million seven-year covenant-light first-lien term loan (B1) with price talk of Libor plus 350 basis points to 375 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The first-lien term loan has 101 soft call protection for six months.

Commitments are due on Nov. 18, the source said.

The company’s $640 million credit facility also includes a $65 million revolver and a $100 million second-lien term loan (Caa1).

Deutsche Bank Securities Inc., UBS Investment Bank, Jefferies Finance LLC, Antares Capital and SunTrust Robinson Humphrey Inc. are the bookrunners on the deal.

Proceeds will be used to help fund the buyout of the company by Atairos Group from Providence Equity Partners.

Learfield is a Jefferson City, Mo.-based provider of collegiate sports multimedia rights administration and marketing services.

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