Cast & Crew launches add-on loan, repricing at Libor plus 375 bps

By Sara Rosenberg

New York, Feb. 13 – Cast & Crew Entertainment Services launched on Thursday its fungible $125 million add-on first-lien term loan B (B2/B+) due Feb. 7, 2026 and a repricing of its existing $759 million first-lien term loan B (B2/B+) due Feb. 7, 2026 with price talk of Libor plus 375 basis points with a 0% Libor floor, according to a market source.

The add-on term loan is talked with an original issue discount of 99.75, and the repricing is talked at par for existing lenders and at 99.75 for new money, the source said.

All of the term loan B debt has 101 soft call protection for six months and amortization of 1% per annum.

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

Commitments and repricing signature pages are due at noon ET on Feb. 21, the source added.

Proceeds from the add-on term loan will be used to fund the acquisition of Media Services, a Los Angeles-based payroll and production management solutions company, and the repricing will take the existing term loan down from Libor plus 400 bps.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.