Creative Artists revises OID on $45 million add-on term loan to 99 7/8

By Sara Rosenberg

New York, April 14 – Creative Artists Agency LLC modified the original issue discount on its fungible $45 million add-on covenant-light term loan B due Dec. 17, 2021 to 99 7/8 from 99½, according to a market source.

Pricing on the add-on term loan is Libor plus 450 basis points with a 1% Libor floor, in line with the existing term loan.

The add-on term loan, like the existing loan, has 101 soft call protection until Dec. 17, 2015.

Recommitments were due at noon ET on Tuesday, the source added.

Bank of America Merrill Lynch is the lead bank on the deal.

Proceeds will be used to pay down revolver borrowings.

Creative Artists is a Los Angeles-based entertainment and sports firm.

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