Zuffa ups term loan to $475 million, firms at Libor plus 300 bps

By Sara Rosenberg

New York, March 12 - Zuffa LLC increased its term loan (BB+) due February 2020 to $475 million from $446 million and finalized pricing at Libor plus 300 basis points, the wide end of the Libor plus 275 bps to 300 bps talk, according to a market source.

The loan still has a 0.75% Libor floor, a par offer price, 101 soft call protection for one year and a secured leverage test.

Recommitments were due at noon ET on Wednesday, the source said.

Allocations are expected on Thursday morning.

Deutsche Bank Securities Inc., Goldman Sachs Bank USA, J.P. Morgan Securities LLC, Bank of America Merrill Lynch and RBC Capital Markets are the bookrunners on the deal.

Proceeds will be used to reprice an existing term loan from Libor plus 325 bps with a 1% Libor floor, and the funds from the upsizing will be used to repay a revolver draw, the source added.

Zuffa is a Las Vegas-based sports and media company that owns the Ultimate Fighting Championship (UFC).

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