NDS Finance lowers spread on $800 million term B to Libor plus 300 bps

By Sara Rosenberg

New York, March 3 - NDS Finance reduced pricing on its $800 million seven-year term loan B to Libor plus 300 basis points from Libor plus 325 bps, according to a market source. Pricing can step down to Libor plus 275 bps at less than 3.0 times leverage.

In addition, the Libor floor was lowered to 1% from 1.25% and 101 soft call protection for six months was added, the source said.

As before, the term loan B is being offered at an original issue discount of 991/2.

The company's $1.125 billion credit facility (Ba2/BB-) also includes a $75 million revolver and a $250 million euro-equivalent six-year term loan A.

J.P. Morgan Securities LLC, Morgan Stanley & Co. Inc., BNP Paribas Securities Corp., Goldman Sachs & Co., Lloyds and UBS Securities LLC are the lead banks on the deal.

Proceeds will be used to refinance existing debt.

NDS is a U.K.-based supplier of open end-to-end digital technology and services to digital pay-television platform operators and content providers.

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