PSAV lifts term loan to $515 million, flexes to Libor plus 450 bps

By Sara Rosenberg

New York, Sept. 27 – PSAV (AVSC Holding Corp.) upsized its non-fungible U.S. incremental seven-year term loan B (B-) to $515 million from $430 million and terminated plans for an incremental Canadian term loan, according to a market source.

Also, pricing on the term loan was increased to Libor plus 450 basis points from talk in the range of Libor plus 375 bps to 400 bps and widened the original issue discount to 98 from 98.5, the source said.

Furthermore, the 101 soft call protection on the term loan was extended to one year from six months and the MFN was revised.

The term loan still has a 1% Libor floor.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to fund the acquisition of Encore Event Technologies Inc., a provider of event technology, staging and production services, and for general corporate purposes.

PSAV is a Long Beach, Calif.-based event technology provider.

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