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NEP launches $1.94 billion equivalent of term loans to investors
By Sara Rosenberg
New York, Dec. 8 – NEP held a lender call at 10 a.m. ET on Friday to launch $1.943 billion equivalent of U.S. and euro term loans, according to a market source.
The borrowers for the U.S. term loans are NEP Group Inc., NEP/NCP Holdco Inc. and NEP II Inc., and the borrower for the euro term loan is NEP Europe Finco BV.
The debt is split between a $1.092 billion term loan B due Aug. 19, 2026 talked at SOFR plus 325 basis points plus 150 bps accrued PIK interest with a 0% floor and a 150 bps upfront fee (PIK), a $123 million incremental term loan B due June 1, 2026 talked at SOFR plus 825 bps plus 150 bps accrued PIK interest with a 1% floor and a 200 bps upfront fee (PIK), a $209 million incremental term loan B due Aug. 19, 2026 talked at SOFR plus 400 bps plus 150 bps accrued PIK interest with a 0.5% floor and a 150 bps upfront fee (PIK), and a $519 million equivalent euro term loan B due Aug. 19, 2026 talked at Euribor plus 350 bps plus 150 bps accrued PIK interest with a 0% floor and a 150 bps upfront fee (PIK), the source said.
All of the term loans are talked with a 200 bps exit fee (cash), the source continued.
Amortization on the term loans is 1% per annum.
Expected term loan ratings are Caa1/B/B+.
Barclays, JPMorgan Chase Bank, HSBC Securities, Macquarie Capital, MUFG, Mizuho and PNC are the bookrunners on the deal. Barclays is the administrative agent.
Commitments are due at noon ET on Dec. 15 for the U.S. term loans and at 7 a.m. ET on Dec. 15 for the euro term loan, the source added.
Proceeds will be used to extend the maturities of the company’s existing first-lien term loans due 2025.
In addition, the company will be extending the maturity of its existing revolving credit facility.
Carlyle is the sponsor.
NEP is a Pittsburgh-based provider of outsourced live and broadcast production solutions.
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