Herschend lifts term B to $500 million, firms at Libor plus 575 bps

By Sara Rosenberg

New York, Aug. 19 – Herschend Entertainment Co. LLC upsized its five-year term loan B to $500 million from $465 million and set pricing at Libor plus 575 basis points, the low end of revised talk of Libor plus 575 bps to 600 bps but the high end of initial talk of Libor plus 550 bps to 575 bps, according to a market source.

The term loan still has a 1% Libor floor and an original issue discount of 96, and is non-callable for one year, then at 101 in year two.

J.P. Morgan Securities LLC is the lead on the deal.

Proceeds will be used to refinance existing debt and add cash to the balance sheet.

Herschend is a Peachtree Corners, Ga.-based operator of consumer entertainment attractions including amusement parks, waterparks, aquariums, adventure tours, dinner shows, lodging and the Harlem Globetrotters.

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