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All3Media cuts spread on €505 million term B to Euribor plus 400 bps
By Sara Rosenberg
New York, April 12 – All3Media (Gold Rush Bidco Ltd.) lowered pricing on its €505 million (£430 million equivalent) seven-year euro term loan B to Euribor plus 400 basis points from talk in the range of Euribor plus 425 bps to 450 bps, according to a market source.
Also, the original issue discount on the term loan was tightened to 99.5 from 99 and some changes were made to documentation, the source said.
The term loan still has 101 soft call protection for six months.
JPMorgan Chase Bank is the sole physical bookrunner and the administrative agent on the deal. Santander is a joint bookrunner.
Recommitments were scheduled to be due at 9:30 a.m. ET on Friday, the source added.
Proceeds will be used to help fund the acquisition of the company by RedBird IMI, a joint venture between RedBird Capital Partners and International Media Investments, from Warner Bros. Discovery Inc. and Liberty Global Ltd. for £1.15 billion.
All3Media is a London-based television production and distribution company.
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