Top Right to launch new loan in London and New York this week

By Sara Rosenberg

New York, March 24 – Top Right Group (Eden Bidco Ltd.) is scheduled to hold a bank meeting in London on Wednesday and one in New York at 10 a.m. ET on Thursday to launch a new credit facility, according to a market source.

Deutsche Bank Securities Inc., HSBC Securities, Lloyds Securities LLC and BNP Paribas Securities Corp. are the joint bookrunners on the deal.

The facility consists of a £75 million six-year revolver, a $325 million seven-year covenant-light term loan B and a €305 million seven-year covenant-light term loan B, the source said.

The U.S. and euro term loans have a 1% floor and 101 soft call protection for six months.

Included in the revolver is a springing net senior first-lien leverage covenant.

Proceeds will be used to refinance all existing senior and mezzanine facilities and for general corporate purposes.

Commitments are due on April 8, the source added.

Top Right is a London-based B2B media company, operating market-leading events and providing information services and subscription content.

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