Rovi launches $682.5 million term loan B at Libor plus 250 bps

By Sara Rosenberg

New York, Jan. 17 – Rovi Solutions Corp. held a lender call at 1:30 p.m. ET on Tuesday to launch a $682.5 million senior secured term loan B (Ba2/BB) due July 2, 2021 that is talked at Libor plus 250 basis points with a 0.75% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Morgan Stanley Senior Funding Inc. is the lead bank on the deal.

Proceeds will be used to reprice an existing term loan B.

Commitments/consents are due at 3 p.m. ET on Friday, the source added.

Rovi is a Santa Clara, Calif.-based technology company that became a wholly-owned subsidiaries of TiVo Corp. in conjunction with the September 2016 transaction.

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