Cast & Crew ups spread on $494 million term loan to Libor plus 275 bps

By Sara Rosenberg

New York, March 29 – Cast & Crew Entertainment Services LLC raised pricing on its $494 million covenant-light first-lien term loan B due Sept. 27, 2024 to Libor plus 275 basis points from Libor plus 250 bps, according to a market source.

The term loan still has a 25 bps step-down at either 3.5 times first-lien net leverage or upon the consummation of an initial public offering, a 0% Libor floor, a par issue price and 101 soft call protection for six months.

RBC Capital Markets is the left lead arranger on the deal.

Proceeds will be used to reprice an existing term loan down from Libor plus 300 bps with a 0% Libor floor.

Cast & Crew, a Silver Lake portfolio company, is a Burbank, Calif.-based provider of technology-enabled payroll, production accounting and related value-added services to the entertainment industry.

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