Wenner Media cuts term B size, ups spread to Libor plus 950 bps

By Sara Rosenberg

New York, Feb. 4 - Wenner Media LLC downsized its five-year term loan B to $190 million from $200 million and increased pricing to Libor plus 950 basis points from Libor plus 800 bps, according to a market source.

Also, the original issue discount on the term loan B widened to talk of 96½ to 97 from 98, the source said.

The loan still has a 1.25% Libor floor.

With the pricing changes, the call premium was revised to a hard call of 103½ in year one, 102 in year two and 101 in year three from soft call protection of 102 in year one and 101 in year two, the source added.

The company's now $205 million credit facility (B3/B), down from $215 million, also includes a $15 million 41/2-year revolver.

Recommitments are due on Tuesday.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to refinance existing debt and for general corporate purposes.

Wenner Media is a New York-based provider of entertainment and lifestyle brand publications.

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