Cast & Crew changes $250 million incremental term loan OID to 99.75

By Sara Rosenberg

New York, Dec. 10 – Cast & Crew Entertainment Services tightened the original issue discount on its non-fungible $250 million seven-year incremental first-lien term loan B (B2/B) to 99.75 from talk in the range of 99 to 99.5, according to a market source.

As before, the incremental term loan is priced at Libor plus 375 basis points with a 0.5% Libor floor and has 101 soft call protection for six months, amortization of 1% per annum, and ticking fees of half the margin from days 46 to 90 and the full margin thereafter.

Goldman Sachs Bank USA and RBC Capital Markets are the leads on the deal.

Recommitments were scheduled to be due at 10:30 a.m. ET on Friday, the source added.

Proceeds will be used to fund the acquisition of the Team Cos., a Los Angeles-based payroll and production management solutions company servicing the advertising, music, and concert tours and live events industries, from TorQuest Partners.

Cast & Crew is a Burbank, Calif.-based provider of software and services to the entertainment production industry.

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