SeaWorld lifts term loan to $1.2 billion, firms at Libor plus 300 bps

By Sara Rosenberg

New York, Aug. 13 – SeaWorld Parks & Entertainment Inc. upsized its seven-year first-lien term loan to $1.2 billion from $1.1 billion and set pricing at Libor plus 300 basis points, the low end of the Libor plus 300 bps to 325 bps talk, according to a market source.

As before, the term loan has a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

The company’s now $1.585 billion of senior secured credit facilities, up from $1.485 billion, also include a $385 million five-year revolver.

JPMorgan Chase Bank is the left lead on the deal.

Recommitments were scheduled to be due at noon ET on Friday, the source added.

Proceeds will be used with $725 million of senior notes, downsized from $825 million, and cash on hand to repay the company’s existing senior facilities and redeem up to $450 million of its 9˝% second-priority senior secured notes due 2025.

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

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