SMG sets talk on first- and second-lien term loans with launch

By Sara Rosenberg

New York, May 15 - SMG released price talk on its first- and second-lien term loans on Tuesday as the debt launched with a bank meeting in the afternoon, according to a market source.

The $240 million six-year first-lien term loan (Ba3/B+) is being talked at Libor plus 425 basis points with a 1.25% Libor floor and an original issue discount of 99, and the $125 million 61/2-year second-lien term loan (Caa1/CCC+) is being talked at Libor plus 900 bps with a 1.25% floor and a discount of 98, the source said.

The first-lien term loan has 101 repricing protection for one year, and the second-lien term loan has call protection of 103 in year one, 102 in year two and 101 in year three.

SMG's $390 million credit facility also includes a $25 million revolver (Ba3/B+).

Credit Suisse Securities (USA) LLC and GE Capital Markets are the lead banks on the deal.

Proceeds will be used to refinance existing debt.

Commitments are due on May 30, the source added.

SMG is a West Conshohocken, Pa.-based venue management company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.