Sesac lifts first-lien to $235 million, second-lien to $110 million

By Sara Rosenberg

New York, Feb. 5 - Sesac upsized its six-year first-lien term loan (B1/BB-) to $235 million from $220 million and its 61/2-year second-lien term loan (Caa1/CCC+) to $110 million from $105 million, according to a market source.

In addition, pricing on the first-lien term loan was reduced to Libor plus 475 basis points from talk of Libor plus 525 bps to 550 bps, and the 101 soft call protection was shortened to six months from one year, the source said.

The first-lien term loan still has a 1.25% Libor floor and an original issue discount of 99.

Meanwhile, pricing on the second-lien loan was lowered to Libor plus 875 bps from talk of Libor plus 925 bps to 950 bps.

As before, the second-lien loan has a 1.25% Libor floor, an original issue discount of 98½ and call protection of 103 in year one, 102 in year two and 101 in year three.

The company's now $360 million credit facility, up from $340 million, also includes a $15 million five-year revolver (B1/BB-).

Proceeds, along with equity, are being used to back the already completed buyout of the company by Rizvi Traverse Management for $590.5 million.

As a result of the term loan upsizings, the amount of equity is being reduced.

Jefferies & Co. is leading the deal.

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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