Vivid Seats discloses price talk on $585 million credit facility

By Sara Rosenberg

New York, Sept. 21 – Vivid Seats LLC announced price talk on its $585 million senior secured credit facility that launched with a lenders’ presentation on Wednesday, according to a market source.

The $30 million five-year revolver (B2/B+) is talked at Libor plus 475 basis points to 525 bps with no floor, the $400 million six-year covenant-light first-lien term loan (B2/B+) is talked at Libor plus 500 bps to 550 bps with a 1% Libor floor and an original issue discount of 99, and the $155 million seven-year covenant-light second-lien term loan (Caa2/CCC+) is talked at Libor plus 850 bps to 900 bps with a 1% Libor floor and a discount of 98, the source said.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has hard call protection of 102 in year one and 101 in year two.

Amortization on the first-lien term loan is 1% per annum.

Morgan Stanley Senior Funding Inc., J.P. Morgan Securities LLC and RBC Capital Markets LLC are the lead banks on the deal, with Morgan Stanley the agent on the first-lien loan and JPMorgan the agent on the second-lien loan.

Commitments are due on Oct. 5, the source added.

Proceeds will be used to refinance existing first-lien debt and a HoldCo seller notes, and to fund a dividend distribution to equity investors.

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

© 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.