Recorded Books launches $107.5 million first-lien term loan to lenders

By Sara Rosenberg

New York, July 9 – Recorded Books held a bank meeting on Thursday morning to launch a $107.5 million six-year first-lien term loan that is talked at Libor plus 450 basis points to 475 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The first-lien term loan has 101 soft call protection for six months, the source said.

Commitments are due on July 23.

The company’s $160 million credit facility also includes a $20 million five-year revolver and a $32.5 million seven-year second-lien term loan.

Pricing on the pre-placed second-lien term loan is Libor plus 850 bps with a 1% Libor floor, the source continued.

BNP Paribas Securities Corp. is the lead on the deal.

Proceeds will be used to help fund the buyout of the company by Shamrock Capital from Wasserstein & Co., the source added.

Recorded Books is a Prince Frederick, Md.-based publisher of unabridged audiobooks and provider of digital content to the library, school and retail markets.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.