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Hornblower launches $25 million incremental term loan at 99.5-par OID
By Sara Rosenberg
New York, Feb. 20 – Hornblower Holdings launched on Thursday its fungible $25 million incremental first-lien term loan due April 2025 with original issue discount talk of 99.5 to par, according to a market source.
Pricing on the incremental loan is Libor plus 450 basis points, in line with existing first-lien term loan pricing.
UBS Investment Bank is the lead arranger on the deal.
Commitments are due on Feb. 27, the source added.
Proceeds will be used to repay revolving credit facility borrowings.
Hornblower, a Crestview Partners portfolio company, is a San Francisco-based cruise and event company.
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