Creative Artists launches $75 million add-on loan at 99.75-par OID

By Sara Rosenberg

New York, Sept. 22 – Creative Artists Agency LLC launched a fungible $75 million add-on covenant-light term loan with price talk of Libor plus 450 basis points with a 1% Libor floor and an issue price of 99.75 to par, according to a market source.

The spread and floor on the add-on term loan matches existing term loan pricing.

The term loan debt has 101 soft call protection that expires on Dec. 17, 2015.

Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Mizuho and UBS AG are the lead banks on the deal.

Commitments are due at noon ET on Friday, the source added.

Proceeds will be used to pay down revolver borrowings and for general corporate purposes.

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

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