Creative Artists finalizes $75 million add-on loan at par issue price

By Sara Rosenberg

New York, Sept. 24 – Creative Artists Agency LLC firmed the issue price on its fungible $75 million add-on covenant-light term loan at par, the tight end of the 99.75 to par talk, according to a market source.

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

Like the existing term loan, the add-on loan has 101 soft call protection that expires on Dec. 17, 2015.

Commitments were due at 2:30 p.m. ET on Thursday, accelerated from noon ET on Friday, the source added.

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

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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