Ticketmaster seeks $550 million credit facility

By Sara Rosenberg

New York, July 1 - Ticketmaster is currently in market with a new $550 million credit facility, according to a market source.

JPMorgan and Merrill Lynch are the lead banks on the deal that was launched last week.

The facility consists of a $200 million five-year revolver talked at Libor plus 250 basis points, a $100 million five-year term loan A talked at Libor plus 250 bps and a $250 million 61/2-year term loan B talked at Libor plus 275 bps, the source said.

The term loan B is being offered to investors at an original issue discount of 981/2, the source added.

Proceeds will be used to help fund the company's spin-off from IAC/InterActive Corp.

Ticketmaster is a West Hollywood, Calif., live entertainment ticketing and marketing company.

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