Advanstar releases price talk on first- and second-lien term loans

By Sara Rosenberg

New York, May 17 - Advanstar Communications Inc. disclosed pricing guidance on its $300 million first-lien term loan (B1/B+) and $175 million second-lien term loan (Caa2/CCC+), according to a market source.

The first-lien term loan is talked at Libor plus 400 basis points to 425 bps with a 1.25% Libor floor and an original issue discount of 99, and the second-lien term loan is talked at Libor plus 800 bps to 825 bps with a 1.25% Libor floor and a discount of 981/2, the source said.

Included in the first-lien loan is 101 soft call protection for one year, and the second-lien term loan has call protection of 103 in year one, 102 in year two and 101 in year three.

The company's $495 million credit facility also provides for a $20 million revolver (B1/B+).

Goldman Sachs Bank USA and Credit Suisse Securities LLC are the lead banks on the deal that launched with a bank meeting on Thursday.

Proceeds will be used to refinance existing debt.

Advanstar is a Santa Monica, Calif.-based marketing, media and events company.

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