Red Ventures launches $425 million add-on term loan at 99.25 area OID

By Sara Rosenberg

New York, June 24 – Red Ventures LLC held a lender call on Monday to launch a fungible $425 million covenant-lite add-on term loan due November 2024 that is talked with an original issue discount in the 99.25 area, according to a market source.

Pricing on the add-on term loan is Libor plus 300 basis points with a 0% Libor floor.

Bank of America Merrill Lynch, Fifth Third, PNC, MUFG, Regions, Capital One, Citigroup Global Markets Inc., Barclays and Citizens are the leads on the deal.

Commitments are due at 5 p.m. ET on Thursday, the source added.

Proceeds will be used to repay revolving credit facility borrowings.

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

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