Cast & Crew lifts add-on loan to $175 million, revises price to par

By Sara Rosenberg

New York, Feb. 21 – Cast & Crew Entertainment Services upsized its fungible add-on first-lien term loan B due Feb. 7, 2026 to $175 million from $125 million and tightened the issue price to par from 99.75, according to a market source.

Also, the issue price for the repricing of the company’s existing $759 million first-lien term loan B due Feb. 7, 2026 was changed to par for existing and new money from par for existing and 99.75 for new money, the source said.

Pricing on the term loan debt is Libor plus 375 basis points with a 25 bps step-down at 4.75x first-lien net leverage and a 0% Libor floor.

The term loan debt has 101 soft call protection for six months and amortization of 1% per annum.

Goldman Sachs Bank USA and RBC Capital Markets are the leads on the deal.

Recommitments for the add-on term loan were scheduled to be due at 1 p.m. ET on Friday, the source added.

Proceeds from the add-on term loan will be used to fund the acquisition of Media Services, a Los Angeles-based payroll and production management solutions company, and the repricing will take the existing term loan down from Libor plus 400 bps.

Cast & Crew is a Burbank, Calif.-based provider of software and services to the entertainment production industry.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.