DHX Media ups term B to $495 million, flexes to Libor plus 375 bps

By Sara Rosenberg

New York, June 21 – DHX Media Ltd. upsized its 6.5-year term loan B to $495 million from $480 million and trimmed pricing to Libor plus 375 basis points from Libor plus 400 bps, according to a market source.

Additionally, the original issue discount on the term loan was revised to 99.5 from 99 and the MFN sunset was removed, the source said.

The term loan still has a 1% Libor floor and 101 soft call protection for six months.

The company’s now $525 million of credit facilities, up from $510 million, also include a $30 million five-year revolver.

RBC Capital Markets LLC and Jefferies Finance LLC are the joint lead arrangers and bookrunners on the deal.

Commitments were due at 5 p.m. ET on Wednesday, the source added.

Proceeds will be used to help fund the acquisition of the entertainment division of Iconix Brand Group Inc. and to refinance existing debt.

DHX is buying the entertainment division of Iconix, which includes an 80% controlling interest in Peanuts and 100% of Strawberry Shortcake, for $345 million, subject to a customary working capital adjustment. The remaining 20% interest in Peanuts will continue to be held by members of the family of Charles M. Schulz.

Closing is expected on or around June 30, subject to approval under the Hart-Scott-Rodino Antitrust Improvements Act and other customary conditions.

DHX is a Halifax, Nova Scotia-based children’s content and brands company.

© 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.