Endemol ups term loan amount, discloses U.S. and euro tranche sizes

By Sara Rosenberg

New York, Nov. 14 – Endemol upsized its add-on term loan due Aug. 13, 2021 to roughly $330 million equivalent from $300 million and set the euro tranche size at €50 million and the U.S. tranche size at $265 million, according to a market source.

In addition, the original issue discount on the U.S. piece firmed at 97, the tight end of the 96 to 97 talk, and the discount on the euro piece finalized at 97, versus initial talk in the 97 area, the source said.

As before, pricing on the U.S. tranche is Libor plus 575 basis points with a 1% Libor floor, and pricing on the euro tranche is Euribor plus 600 bps with a 1% Euribor floor.

Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and Nomura are the bookrunners on the deal.

Proceeds will be used to help fund the 50/50 joint venture between 21st Century Fox and Apollo Global Management LLC to combine Endemol, Shine Group and CORE Media to create a multi-platform content provider, although CORE will maintain an independent capital structure.

The additional proceeds from the term loan upsizing will be shared 50%/50% by Fox and Apollo, the source added.

Closing is expected by year-end.

Endemol is an Amsterdam-based creator, producer and distributor of multiplatform entertainment.

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