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NEP Group ups spread on $210 million term loan to Libor plus 400 bps
By Sara Rosenberg
New York, Nov. 17 – NEP Group Inc. increased pricing on its non-fungible $210 million incremental term loan B due Oct. 19, 2025 (B3/B/B) to Libor plus 400 basis points from Libor plus 375 bps, according to a market source.
In addition, the original issue discount on the term loan firmed at 99, the wide end of the 99 to 99.5 talk, the source said.
As before, the term loan has a 0.5% Libor floor and 101 soft call protection for six months.
Barclays, JPMorgan Chase Bank, HSBC Securities (USA) Inc., Macquarie Capital (USA) Inc., MUFG and Mizuho are the joint bookrunners on the deal. Barclays is the administrative agent.
Commitments were scheduled to be due at 5 p.m. ET on Wednesday, the source added.
Proceeds will be used for general corporate purposes, including acquisitions and capital expenditures, and to pay down revolving credit facility borrowings.
NEP is a Pittsburgh-based provider of outsourced live and broadcast production solutions.
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