SeaWorld increases term loan B-5 size, cancels term loan B-4 plans

By Sara Rosenberg

New York, March 1 – SeaWorld Entertainment Inc. upsized its term loan B-5 to a range of $900 million to $1 billion from $400 million and eliminated plans for a $400 million term loan B-4, according to a market source.

In addition, pricing on the term loan B-5 firmed at Libor plus 300 basis points, the low end of the Libor plus 300 bps to 325 bps talk, the source said.

The term loan B-5 still has a 0.75% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

The eliminated term loan B-4 had been talked at Libor plus 275 bps to 300 bps with a 0.75% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Fifth Third, Goldman Sachs Bank USA and KeyBanc Capital Markets are the leads on the deal.

Recommitments were due at 5 p.m. ET on Wednesday, the source added.

Proceeds will be used to refinance existing debt.

SeaWorld is an Orlando, Fla.-based theme park operator.

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