NEP Group ups add-on term B to $140 million, firms at par issue price

By Sara Rosenberg

New York, May 7 – NEP Group Inc. upsized its add-on term loan B due July 21, 2022 to $140 million from $125 million and set the issue price at par, the tight end of the 99.75 to par talk, according to a market source.

As before, the add-on term loan is priced at Libor plus 325 basis points with a 1% Libor floor and has 101 soft call protection for six months.

Barclays and J.P. Morgan Securities LLC are the bookrunners on the deal.

Recommitments were scheduled to be due at 5 p.m. ET on Monday, the source added.

Proceeds will be used to pay down revolving credit facility borrowings.

NEP is a Pittsburgh-based outsourced provider of comprehensive live and broadcast production solutions.

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