Cirque du Soleil to launch $885 million credit facility on Wednesday

By Sara Rosenberg

New York, June 8 – Cirque du Soleil is scheduled to hold a bank meeting at 10:30 a.m. ET on Wednesday to launch an $885 million credit facility, according to market sources.

The facility consists of a $100 million revolver, a $615 million seven-year first-lien covenant-light term loan and a $170 million eight-year second-lien covenant-light term loan, sources said.

Deutsche Bank Securities Inc., Bank of America Merrill Lynch, RBC Capital Markets, UBS AG, BMO Capital Markets, National Bank of Canada, Scotiabank and TD Securities (USA) LLC are the bookrunners on the deal, with Deutsche the left lead on the first-lien loan and Bank of America the left lead on the second-lien loan.

Commitments are due on June 24, sources added.

Proceeds will be used to help fund the buyout of the company by TPG and Fosun Capital. Caisse de depot et placement du Quebec will also acquire a minority interest in the company.

Closing is expected in the third quarter, subject to customary conditions.

Cirque is a Montreal-based producer of live artistic entertainment.

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