NEP Group sets talk on first- and second-lien term loans with launch

By Sara Rosenberg

New York, Sept. 27 – NEP Group Inc. released price talk on its $1.04 billion seven-year first-lien term loan (B1/B+/BB-), €397 million seven-year first-lien term loan (B1/B+/BB-) and $330 million eight-year second-lien term loan (Caa1/CCC+/CCC+) with its lender call on Thursday, according to a market source.

The U.S. first-lien term loan is talked at Libor plus 350 basis points with a 0% Libor floor and an original issue discount of 99.5, the euro first-lien term loan is talked at Euribor plus 375 bps with a 0% floor and a discount of 99.5, and the second-lien term loan is talked at Libor plus 750 bps with a 0% Libor floor and a discount of 99, the source said.

Included in the first-lien term loans is 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

Barclays and J.P. Morgan Securities LLC are the bookrunners on the deal, with Barclays the left lead on the first-lien tranches and JPMorgan the left lead on the second-lien loan.

Commitments are due at 5 p.m. ET on Oct. 5, the source added.

Proceeds will be used to help fund Carlyle’s majority investment in the company and to refinance existing debt.

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

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