World Wrestling gets $150 million restated revolver with lower pricing

By Marisa Wong

Morgantown, W.Va., July 29 – World Wrestling Entertainment, Inc. entered into an amended and restated $150 million senior revolving credit facility on Friday with JPMorgan Chase Bank, NA acting as administrative agent, lead arranger and bookrunner, according to an 8-K filing with the Securities and Exchange Commission.

The amended and restated revolver replaces the company’s previous $200 million revolving credit facility, which was set to expire on Sept. 9. The new facility has a termination date of July 29, 2021.

The restated facility, among other things, reduces the tiered applicable margin rates on loans by 50 basis points, loosens the leverage ratio requirement from a total debt to EBITDA requirement of 2.8 to 1.0 to a total debt to EBITDA requirement of 3.0 to 1.0 and replaces the minimum fixed-charge coverage ratio requirement of 1.25 to 1.0 with a minimum interest coverage requirement of 3.0 to 1.0.

Borrowings under the amended facility initially bear interest at Libor plus 125 bps and subsequently vary from Libor plus 125 bps to 175 bps, depending on the company’s consolidated leverage ratio.

The commitment fee ranges from 25 bps to 30 bps, also based on the consolidated leverage ratio.

World Wrestling is a Stamford, Conn.-based media organization.

© 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.