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Banijay Group cuts euro term loan to 453 million, updates pricing
By Sara Rosenberg
New York, Feb. 4 Banijay Group downsized its euro five-year covenant-lite term loan B (B1/B/B+) to 453 million from 503 million and reduced pricing to Euribor plus 375 basis points from revised talk of Euribor plus 400 bps and initial talk in the range of Euribor plus 425 bps to 450 bps, according to a market source.
Also, the issue price on the euro term loan B firmed at par, the tight end of revised talk of 99.75 to par and tight of initial talk of 99.5, the source said.
The euro term loan B still has a 0% floor.
Pricing on the companys $460 million five-year covenant-lite term loan B (B1/B/B+) remained at Libor plus 375 bps with a 0% Libor floor and an original issue discount of 99.75.
Both term loans have 101 soft call protection for six months.
Previously in syndication, the U.S. term loan was downsized from 450 million equivalent, pricing was reduced from talk in the range of Libor plus 425 bps to 450 bps, the margin step-down was removed and the discount was changed from 99.
Deutsche Bank, Natixis and Societe Generale are the global coordinators and joint bookrunners on the deal. BNP Paribas and BofA Securities, Inc. are passive bookrunners.
Proceeds will be used to help redeem Banijay 2022 notes and repay senior credit facilities, to fund the acquisition of Endemol Shine from Walt Disney Co. and Apollo Global Management Inc. and repay debt, to refinance the consideration paid for the Bear Grylls acquisitions, and to pay fees and expenses.
Other funds for the transaction will come from $403 million of senior secured notes, revised recently from 325 million equivalent, 575 million of senior secured notes, upsized on Tuesday from 525 million with the euro term loan downsizing, and 400 million of senior notes.
Banijay is a Paris-based independent production and distribution business.
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