World Triathlon launches $220 million term loan at Libor plus 475 bps

By Sara Rosenberg

New York, June 11 – World Triathlon Corp. launched on Wednesday its up to $220 million seven-year first-lien covenant-light term loan with price talk of Libor plus 475 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for one year and amortization of 1% per annum, the source said.

The company’s $240 million credit facility also includes a $20 million five-year revolver.

Commitments are due on June 20, the source said.

UBS AG is the lead bank on the deal.

Proceeds will be used to refinance existing debt and pay a dividend.

Providence Equity Partners is the sponsor.

World Triathlon is a Tampa Bay, Fla.-based owner and operator of Ironman triathlon events.

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