Cirque du Soleil lifts add-on loan to $85 million, updates pricing

By Sara Rosenberg

New York, June 22 – Cirque du Soleil Canada Inc. upsized its fungible add-on covenant-light first-lien term loan due July 2022 to $85 million from $65 million, according to a market source.

Also, pricing on the add-on term loan and repricing of the company’s existing $625 million covenant-light first-lien term loan due July 2022 was increased to Libor plus 375 basis points from talk of Libor plus 325 bps to 350 bps, the source said.

Furthermore, the issue price on the new money was changed to par from 99.875 and the 101 soft call protection on the term loan debt was extended to one year from six months.

The old money is still offered at par and all of the term loan debt still has a 1% Libor floor.

RBC Capital Markets is the left lead bookrunner on the deal and the administrative agent.

Commitments were scheduled to be due at 5 p.m. ET on Thursday, the source added.

Proceeds from the add-on term loan will be used to fund an acquisition, and the repricing will take the existing term loan down from Libor plus 400 bps with a 1% Libor floor.

Cirque du Soleil is a Montreal-based producer of live artistic entertainment.

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