Red Ventures firms $1.89 billion term loan B at Libor plus 300 bps

By Sara Rosenberg

New York, Oct. 11 – Red Ventures LLC finalized pricing on its $1,885,000,000 covenant-light term loan B (B1//BB) due Nov. 8, 2024 at Libor plus 300 basis points, the low end of the Libor plus 300 bps to 325 bps talk, according to a market source.

As before, the term loan has a 0% Libor floor and 101 soft call protection for six months.

Of the total term loan B amount, $250 million is a fungible incremental tranche that has an original issue discount of 99.75 and the remainder is a refinancing of the existing term loan B that has a par issue price.

Bank of America Merrill Lynch, Barclays, Fifth Third, PNC, MUFG, Regions, Capital One, J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Goldman Sachs Bank USA are the lead arrangers on the deal.

Allocations are expected on Friday, the source added.

Proceeds from the incremental term loan B will be used to retire the existing second-lien term loan in its entirety.

Red Ventures is a Fort Mill, S.C.-based technology-enabled customer acquisition platform.

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