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Endemol Holdings raises pricing on first- and second-lien term loans
By Sara Rosenberg
New York, July 28 – Endemol Holdings NewCo lifted pricing on the U.S. and euro portion of its first-lien term loan to Libor/Euribor plus 525 basis points from Libor/Euribor plus 475 bps and on the pound sterling portion of its first-lien term loan to Libor plus 575 bps from Libor plus 525 bps, according to a market source.
Also, the original issue discount on the entire €700 million equivalent first-lien term loan (B1/B) was modified to 98 from 99, the source said.
In addition, pricing on the €335 million equivalent second-lien term loan (Caa1/CCC+) was increased to Libor/Euribor plus 875 bps from Libor/Euribor plus 825 bps and original issue discount talk was revised to 97½ to 98 from 99, the source continued.
As before, all of the term loan debt has a 1% floor, the first-lien term loans have 101 soft call protection for six months, and the second-lien term loan has call protection of 103 in year one, 102 in year two and 101 in year three.
Other changes included extending the MFN protection for the life of the facility from a 12-month sunset, setting incremental facility ratios at closing leverage from closing leverage plus 0.25 times, and lifting the excess cash flow sweep to 50% with step-downs from 25%, the source added.
Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Credit Suisse and Nomura are the bookrunners on the €1,035,000,000 of equivalent term loans, with Deutsche the left lead on the first-lien term loan and JPMorgan the left lead on the second-lien term loan.
Proceeds will be used to help fund the recapitalization of the company by Apollo Global Management.
Endemol is an Amsterdam-based creator, producer and distributor of multiplatform entertainment.
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