Hornblower firms $25 million incremental term loan at 99.75 OID

By Sara Rosenberg

New York, Feb. 28 – Hornblower Holdings set the original issue discount on its fungible $25 million incremental first-lien term loan due April 2025 at 99.75, the midpoint of the 99.5 to par talk, according to a market source.

Pricing on the incremental loan is Libor plus 450 basis points with a 1% Libor floor, in line with existing first-lien term loan pricing.

UBS Investment Bank is the lead arranger on the deal.

Proceeds will be used to repay revolving credit facility borrowings.

Hornblower, a Crestview Partners portfolio company, is a San Francisco-based cruise and event company.

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