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Authentic Brands sets talk for $2.13 billion of term loans; commitments due Feb. 28
By Paul A. Harris
Portland, Ore., Feb. 22 – Authentic Brands Group LLC set talk for $2.125 billion of term loan debt (B1/B), according to a market source.
The deal includes a $1.525 billion first-lien term loan B-2 and a $600 million delayed-draw first-lien term loan B-2, both to mature Dec. 21, 2028, co-terminus with the existing term loan B-1.
Pricing on both is SOFR+CSA plus 375 basis points to 400 bps at 98.5.
CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.
There is no floor.
Commitments are due at 4 p.m. ET on Feb. 28.
The loans come with 101 soft call protection for six months.
BofA is the left lead. Other syndicate names are pending.
The borrowing entity will be ABG Intermediate Holdings 2 LLC.
The New York-based brand development, marketing and entertainment company plans to use the proceeds to refinance its $1.525 billion first-lien term loan, upsize and extend its existing revolver to a new five-year maturity and raise a new $600 million first-lien term loan B-2 (delayed draw) to finance a potential acquisition.
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