SeaWorld trims term B to $900 million, ups A loan to $150 million

By Sara Rosenberg

New York, Feb. 11 - SeaWorld Parks & Entertainment Inc. reduced its 61/2-year term loan B to $900 million from $925 million and increased its five-year term loan A to $150 million from $125 million, according to a market source.

Also, while pricing on the term loan B was left at Libor plus 300 basis points, a step-down was added to Libor plus 275 bps at less than 2.25 times leverage, and the Libor floor was reduced to 1% from 1.25%, the source said.

Furthermore, 101 soft call protection for six months was added to the B loan.

As before, the B loan is being offered at par.

Pricing on the term loan A, as well as on a $140 million five-year revolver, was left intact at Libor plus 275 bps with no Libor floor.

Bank of America Merrill Lynch, Barclays, Deutsche Bank and Mizuho Bank are the leads on the $1.19 billion senior secured credit facility (Ba2/BB+).

Proceeds will be used to refinance existing bank debt.

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

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