Weather Channel guides $1.3 billion term B at Libor plus 350-375 bps

By Sara Rosenberg

New York, March 9 - The Weather Channel (TWCC Holding Corp.) launched its $1.3 billion term loan B on Tuesday morning with pricing guidance of Libor plus 350 basis points to 375 bps with a 1.5% Libor floor, according to a market source.

The original issue discount on the term loan B is being talked at 99, the source remarked.

The loan includes 101 soft call protection for one year.

Deutsche Bank is the lead arranger on the deal and is a joint bookrunner with Credit Suisse.

Proceeds will be used to refinance the company's existing term loan B that is priced at Libor plus 400 bps with a 3.25% Libor floor, and retire a portion of subordinated notes.

The new term loan B will mature on Sept. 14, 2015, which is the same maturity as the existing term loan B, and will have the same covenants as the existing credit agreement.

Current corporate ratings are Ba3/B+ and current facility ratings are Ba2/BB.

Weather Channel is an Atlanta-based media company devoted to bringing weather news via television, internet and mobile devices.

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