Creative Artists flexes loan to SOFR plus 325 bps, adds repricing

By Sara Rosenberg

New York, March 8 – Creative Artists Agency LLC reduced pricing on its fungible $125 million incremental first-lien term loan B due Nov. 26, 2028 to SOFR plus 325 basis points from SOFR plus 350 bps and is now seeking a repricing of its existing first-lien term loan B due Nov. 26, 2028 to SOFR plus 325 bps from SOFR plus 350 bps, according to a market source.

Also, the original issue discount on the incremental term loan was tightened to 99.875 from initial talk at launch of 99.5, the source said. The repricing has a par issue price.

The total $2.086 billion term loan B (B2/B+/B+), inclusive of the incremental and the repricing, has a 0% floor.

BofA Securities Inc., BNP Paribas Securities Corp., Credit Agricole, HSBC Securities (USA) Inc., JPMorgan Chase Bank, Mizuho, RBC Capital Markets and Truist Securities are the arrangers on the deal.

Commitments are due at 2 p.m. ET on Monday, the source added.

Proceeds from the incremental loan will be used to pre-fund the remainder of the CMC Capital buyout, fund cash to the balance sheet, and pay respective fees and expenses.

Creative Artists is a Los Angeles-based entertainment and sports agency.

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