Sesac firms $233 million first-lien term loan at Libor plus 400 bps

By Sara Rosenberg

New York, Dec. 11 - Sesac finalized pricing on its $233 million first-lien term loan at Libor plus 400 basis points, the low end of the Libor plus 400 bps to 425 bps talk, according to a market source.

The loan still has a 1% Libor floor, a par offer price and 101 soft call protection for six months.

Jefferies Finance LLC is leading the deal.

Proceeds will be used to reprice an existing first-lien term loan from Libor plus 475 bps with a 1.25% Libor floor.

Sesac is a Nashville, Tenn.-based performing rights organization that represents the interests of individual songwriters and publishers of music to ensure they are compensated for the public performance of their copyrighted material.

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