Opry Entertainment to launch $300 million term loan B on Tuesday

By Sara Rosenberg

New York, May 9 – Opry Entertainment Group (OEG Borrower LLC) is scheduled to hold a lender call at 2:30 p.m. ET on Tuesday to launch a $300 million seven-year term loan B, according to a market source.

JPMorgan Chase Bank and Morgan Stanley Senior Funding Inc. are the leads on the deal.

Commitments are due at noon ET on May 19, the source added.

Proceeds will be used to help fund a recapitalization in connection with the purchase of a 30% interest in the company by Atairos group and NBCUniversal.

Atairos’ and NBCUniversal’s initial 30% equity investment in Opry will be about $293 million, of which Atairos is directly investing around $278 million and NBCUniversal will directly invest up to about $15 million.

Ryman Hospitality Properties Inc. will retain a controlling 70% interest in Opry.

Upon closing, Ryman expects to receive gross transaction proceeds of approximately $593 million, comprised of the Atairos and NBCUniversal investment and borrowings from the term loan B.

Ryman expects to use these proceeds to pay transaction expenses, and fully repay its $300 million term loan A and substantially all the borrowings outstanding under its revolving credit facility.

Closing is expected this quarter.

Opry is a provider of multi-platform entertainment experiences through a portfolio of entertainment venues.

© 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.