SnapAV cuts spread on $265 million term loan to Libor plus 525 bps

By Sara Rosenberg

New York, July 26 – SnapAV reduced pricing on its $265 million seven-year term loan to Libor plus 525 basis points from Libor plus 550 bps, according to a market source.

Also, the original issue discount on the term loan was changed to 99.5 from 99, the source said.

Furthermore, the company removed from documentation the two-year long maturity MFN carve-out and the $10 million early maturity incremental basket.

The term loan still has a 1% Libor floor and 101 soft call protection for six months.

The company’s $315 million of senior secured credit facilities (B2/B) also include a $50 million five-year revolver.

UBS Investment Bank and SunTrust Robinson Humphrey Inc. are the bookrunners on the deal.

Recommitments are due at 10 a.m. ET on Thursday, the source added.

Proceeds will be used to help fund the buyout of the company by Hellman & Friedman LLC from General Atlantic.

Closing is expected in the third quarter.

SnapAV is a Charlotte, N.C.-based manufacturer of audio, video, networking, power and surveillance products for residential and commercial A/V integrators.

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