Vivid Seats lifts loan to $253 million, flexes to Libor plus 600 bps

By Sara Rosenberg

New York, Feb. 26 – Vivid Seats Ltd. upsized its six-year first-lien term loan (B2/B+) to $253 million from $240 million and increased pricing to Libor plus 600 basis points from talk of Libor plus 550 bps to 575 bps, according to a market source.

Also, the original issue discount on the term loan widened to 93 from 98, the source said.

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

Earlier in syndication, the maturity of the term loan was shortened from seven years, amortization was increased to 5% per annum from 1% per annum and the incremental freebie allowance was reduced to $30 million from $35 million.

In addition, previous changes included sweetening the excess cash flow sweep to 75% with step-downs from 50% with step-downs and removing the starter basket for available amount.

RBC Capital Markets and SG Americas Securities LLC are the leads on the deal.

The debt is being obtained in connection with the company’s strategic partnership with Vista Equity Partners.

Funds from the term loan upsizing will be used to finance the wider original issue discount, the source continued.

Following all the changes, the term loan ended up oversubscribed, the source added.

Vivid is a Chicago-based secondary ticket marketplace for live sports, concerts and theater events.

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