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Formula 1 launches $200 million add-on term loan at 99.75-99.875 OID
By Sara Rosenberg
New York, July 18 – Formula 1 (Delta Topco Ltd.) launched on Tuesday its up to $200 million add-on first-lien term loan with price talk of Libor plus 325 basis points with a step-down to Libor plus 300 bps if a B2 corporate rating is achieved, a 1% Libor floor and an original issue discount of 99.75 to 99.875, according to a market source.
The spread and floor on the add-on term loan matches existing term loan pricing.
J.P. Morgan Securities LLC is the lead bank on the deal.
Commitments are due at noon ET on July 25, the source said.
Proceeds will be used with cash on hand to repay the balance of the company’s $300 million second-lien facility.
The add-on loan is to the company’s existing $3,102,000,000 first-lien term loan.
Additionally, the company plans to amend its credit agreement to increase revolving facility capacity to up to $500 million.
Formula 1 is a motorsports business that is a subsidiary of Liberty Media Corp.
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