Endeavor firms $2.78 billion term loan at Libor plus 275 bps

By Sara Rosenberg

New York, May 14 – Endeavor (WME IMG) finalized pricing on its $2,775,000,000 seven-year first-lien term loan (B2/B) at Libor plus 275 basis points, the low end of the Libor plus 275 bps to 300 bps talk, according to a market source.

Also, a 25 bps leverage-based pricing step-down was removed from the term loan, the source said.

The term loan still has a 0% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months.

J.P. Morgan Securities LLC, KKR Capital Markets, Barclays, RBC Capital Markets, Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, UBS Investment Bank and HSBC Securities (USA) Inc. are the lead banks on the deal.

Proceeds will be used to refinance existing first- and second-lien term loans.

Endeavor is a Beverly Hills, Calif., entertainment, sports and fashion company formerly known as William Morris Endeavor Entertainment LLC, or WMI IMG.

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