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RBmedia revises $150 million add-on term loan B OID to 99.875
By Sara Rosenberg
New York, June 29 – RBmedia changed the original issue discount on its fungible $150 million add-on term loan B (B3/B-) due Aug. 31, 2025 to 99.875 from talk in the range of 99.5 to 99.75, according to a market source.
Pricing on the add-on term loan is Libor plus 400 basis points with a 0% Libor floor, in line with existing term loan pricing.
Goldman Sachs Bank USA, KKR Capital Markets, Morgan Stanley Senior Funding Inc., ING and Truist are the bookrunners on the deal.
Recommitments were scheduled to be due at 3 p.m. ET on Tuesday, the source added.
Proceeds will be used to fund the acquisition of Kanopy, a video streaming service for public and academic libraries, by Overdrive, a Cleveland-based digital reading platform for libraries and schools that is part of RBmedia.
RBmedia is a Landover, Md.-based digital audiobook and related spoken-word content producer.
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