Recorded Books firms first-lien term loan spread at Libor plus 450 bps

By Sara Rosenberg

New York, July 31 – Recorded Books finalized pricing on its $107.5 million six-year first-lien term loan at Libor plus 450 basis points, the low end of the Libor plus 450 bps to 475 bps talk, according to a market source.

Also, the original issue discount on the first-lien term loan was revised to 99.5 from 99, the source said.

The first-lien term loan still has a 1% Libor floor and 101 soft call protection for six months.

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

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

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.

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