DNEG postpones $375 million notes offer

By Paul A. Harris

Portland, Ore., Oct. 20 – Prime Focus World NV (DNEG plc) postponed a $375 million private offering of senior secured notes due 2025 (B2//BB-), according to a press release.

Pricing on the deal underwent a steep climb, according to market sources.

Recent conversations involved a 9% coupon at a discount to yield in the 10% area, up from earlier guidance of 8¼% to 8½%, sources said.

JPMorgan had been leading the sale.

The London-based motion picture effects company came to the market to raise cash to repay amounts outstanding under its term loan, revolver and Indian financing facilities, to extend a loan to its parent group of companies and for general corporate purposes.

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