NEP/NCP talks $75 million incremental term loan at Libor plus 875 bps

By Paul A. Harris

Portland, Ore., April 7 - NEP/NCP Holdco Inc. set pricing for its $75 million incremental second-lien term loan due July 22, 2020 (Caa1/B-), according to a market source.

The deal is talked at Libor plus 875 basis points, the same as the existing loan. It features a 1.25% Libor floor. Discount talk is 98.

Call protection sets hard calls at 102 in year one and 101 in year two.

There is a 101 IPO carve out on both the existing and incremental term loans.

Barclays is the bookrunner.

Proceeds will be used to fund the acquisition of Mediatec Group, fund a separate bolt-on acquisition and repay some revolving credit facility borrowings.

Other funds for the Mediatec transaction will come from the assumption of Mediatec’s existing debt and additional cash contributed by funds managed by Crestview Partners in exchange for common equity, as well as equity contributions by NEP management.

NEP is a Pittsburgh-based provider of outsourced teleproduction services critical to the delivery of live sports and entertainment events. Mediatec is a Sweden-based provider of integrated technical solutions for event and television productions.

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