Formula 1 talks $1.7 billion term loan B at SOFR plus 325-350 bps

By Sara Rosenberg

New York, Nov. 14 – Formula 1 launched on Monday its $1.7 billion term loan B due January 2030 with price talk of SOFR plus 325 basis points to 350 bps with a 0.5% floor and an original issue discount of 97.5 to 98, according to a market source.

The term loan B has 101 soft call protection for six months and no amortization, the source said.

The company is also getting a $725 million term loan A.

Goldman Sachs Bank USA and JPMorgan Chase Bank are the bookrunners on the $2.425 billion of term loans (//BB+).

Commitments are due at noon ET on Thursday, the source added.

Proceeds will be used with cash on the balance sheet to refinance an existing term loan B due February 2024.

Formula 1 is a media company that is the exclusive commercial rights holder to FIA Formula One World Championship auto racing.

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