By Susanna Moon
Chicago, Sept. 19 – SFX Entertainment, Inc. said it closed the private placement of $10 million 9 5/8% senior secured second-lien notes due 2019 to an entity controlled by Robert F.X. Sillerman, the company’s chief executive officer and chairman of the board of directors.
As reported Sept. 18, SFX priced an upsized $65 million add-on to its 9 5/8% senior secured second-lien notes due Feb. 1, 2019 (Caa1/B-/) at par to yield 9.617%, with another $10 million of notes with identical terms to be issued to the Sillerman entity.
The reoffer price came on top of price talk.
Barclays was the lead left bookrunner. Deutsche Bank Securities Inc., Jefferies LLC and UBS Securities LLC were the joint bookrunners.
The New York-based producer of live events and entertainment content plans to use the proceeds for general corporate purposes, including repayment of the $20 million outstanding under its revolver, as well as for funding acquisitions.
Issuer: | SFX Entertainment, Inc.
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Issue: | Senior secured second-lien notes due Feb. 1, 2019
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Amount: | $10 million
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Maturity: | Feb. 1, 2019
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Bookrunners: | Barclays, Deutsche Bank Securities Inc., Jefferies LLC, UBS Securities LLC
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Coupon: | 9 5/8%
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Price: | Par
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Yield to worst: | 9.617%
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Spread: | 789 bps
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First call: | Feb. 1, 2016 at 107.219
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Trade date: | Sept. 18
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Settlement date: | Sept. 24 with accrued interest
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Investor: | Robert F.X. Sillerman entity
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Ratings: | Moody’s: Caa1
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| Standard & Poor's: B-
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Distribution: | Rule 144A and Regulation S for life
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Price talk: | Par
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Marketing: | Quick to market
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Original issue: | $220 million issue priced at par on Jan. 31, 2014
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Fungibility: | Add-on notes will be immediately fungible with the original notes
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Total issue size: | $295 million
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