Lucky Bucks sets $500 million term loan at Libor plus 550 bps

By Sara Rosenberg

New York, July 16 – Lucky Bucks firmed pricing on its $500 million first-lien term loan at Libor plus 550 basis points, the high end of the Libor plus 525 bps to 550 bps talk, according to a market source.

In addition, the original issue discount on the term loan was revised to 98 from 99 and the MFN was reduced to 50 bps with no sunset, the source said.

Also, the opening excess cash flow sweep was increased to 75%, the incremental was reduced to 75% of EBITDA and the incremental ratio test was reduced to 0.25x inside closing leverage.

The term loan still has a 0.75% Libor floor.

The company’s $550 million of credit facilities (B2/B) also include a $50 million revolver.

Macquarie Capital (USA) Inc. and KeyBanc Capital Markets are the leads on the deal.

Final commitments are due at noon ET on Tuesday, the source added.

Proceeds will be used to refinance existing debt and fund a distribution.

Lucky Bucks is a Norcross, Ga.-based digital skill-based coin operated amusement machine route operator.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.