Octave Music Group to launch $290 million term loan on Tuesday

By Sara Rosenberg

New York, Jan. 30 – Octave Music Group Inc. is scheduled to hold a lender meeting on Tuesday to launch a $290 million term loan, according to a market source.

Citizens Bank is the left lead on the deal.

Price talk on the term loan is Libor plus 500 basis points to 525 bps with a 0% Libor floor and an original issue discount of 99, the source said.

The term loan has 101 soft call protection for six months.

Proceeds will be used to refinance existing debt.

Commitments are due on Feb. 19, the source added.

Octave Music, formerly known as TouchTunes Networks Interactive Inc., is a New York-based interactive entertainment platform.

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