Emerald Expositions tightens $565 million term loan OID to 99.75

By Sara Rosenberg

New York, May 17 – Emerald Expositions Holding Inc. revised the original issue discount on its $565 million seven-year term loan to 99.75 from 99.5, according to a market source.

Pricing on the term loan remained at Libor plus 300 basis points with a 0% Libor floor.

The company did however add a step-down to the term loan to Libor plus 275 bps when net leverage is 2.75 times, the source said.

The term loan still has 101 soft call protection for six months.

The company’s $715 million in credit facilities (B1/BB) also include $150 million revolver.

Bank of America Merrill Lynch, Barclays, Goldman Sachs Bank USA, RBC Capital Markets LLC, Deutsche Bank Securities Inc., Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are the lead banks on the deal.

Recommitments were scheduled to be due at noon ET on Wednesday, the source added.

Proceeds will be used to refinance an existing revolver and term loan.

Emerald Expositions is a San Juan Capistrano, Calif.-based operator of business-to-business trade shows.

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