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NEP trims August 2026 U.S. term loan amount to $1.06 billion
By Sara Rosenberg
New York, Dec. 18 – NEP downsized its U.S. term loan B due Aug. 19, 2026 to $1.062 billion from $1.092 billion, according to market sources.
Pricing on the U.S. term loan B due Aug. 19, 2026 remained at SOFR plus 325 basis points plus 150 bps accrued PIK interest with a 0% floor and a 150 bps upfront fee (PIK).
The company is still getting a $123 million incremental term loan B due June 1, 2026 priced 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 priced 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 priced at Euribor plus 350 bps plus 150 bps accrued PIK interest with a 0% floor and a 150 bps upfront fee (PIK).
As before, all of the term loans (Caa1/B/B+) have a 200 bps exit fee (cash).
Barclays, JPMorgan Chase Bank, HSBC Securities, Macquarie Capital, MUFG, Mizuho and PNC are the bookrunners on the deal. Barclays is the administrative agent.
Allocations for the U.S. term loans went out on Friday and allocations for the euro term loan went out on Monday, sources added.
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.
Proceeds will be used to extend the maturities of the company’s existing first-lien term loans due 2025.
Closing is expected on Thursday, sources added.
Carlyle is the sponsor.
NEP is a Pittsburgh-based provider of outsourced live and broadcast production solutions.
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