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MediaOcean pulls $743 million credit facilities from market
By Sara Rosenberg
New York, Oct. 30 – MediaOcean LLC withdrew its $743 million of senior secured credit facilities (B2/B) from the primary market due to current market conditions, according to a market source.
The facilities consisted of a $50 million revolver and a $693 million term loan.
Talk on the term loan was Libor plus 400 basis points to 425 bps with a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.
Macquarie Capital (USA) Inc., BNP Paribas Securities Corp., Golub Capital and Jefferies LLC were the lead arrangers on the deal.
Proceeds were going to be used to refinance existing debt and pay a dividend to the company’s sponsor.
MediaOcean is a New York-based software company for the advertising sector.
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