Meredith flexes $1.6 billion term loan B to Libor plus 275 bps

By Sara Rosenberg

New York, Oct. 23 – Meredith Corp. raised pricing on its $1,595,000,000 term loan B (BB) to Libor plus 275 basis points from Libor plus 250 bps, according to a market source.

Also, the 25 bps step-down is now at 2.25 times consolidated net leverage instead of at 2 times, the source said.

And, all proposed amendments were removed except for the request to remove payment of unsecured unsubordinated debt and junior-lien secured debt from the restriction on restricted payments.

The term loan B still has a 0% Libor floor, a par issue price and 101 soft call protection for six months.

RBC Capital Markets is the lead on the deal.

Recommitments are due at noon ET on Wednesday, the source added.

Proceeds will be used to reprice an existing term loan B from Libor plus 300 bps with a 0% Libor floor.

Meredith is a Des Moines-based media and marketing company.

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