SMG readies launch of $325 million credit facility for Wednesday

By Sara Rosenberg

New York, Feb. 11 - SMG (Stadium Management Group) is scheduled to hold a bank meeting at 10 a.m. ET in New York on Wednesday to launch a $325 million credit facility, according to a market source.

Credit Suisse Securities (USA) LLC and Morgan Stanley Senior Funding Inc. are the lead banks on the deal.

The facility consists of a $25 million five-year revolver and a $300 million six-year first-lien term loan, the source said.

The term loan is talked at Libor plus 400 basis points with a 1% Libor floor and an original issue discount of 99½ and has 101 soft call protection for six months, the source continued.

Covenants include a maximum total leverage ratio.

Proceeds will be used to refinance existing loans and fund a dividend, the source added.

Commitments are due on Feb. 26.

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

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