Opry Entertainment shops $300 million term loan at SOFR plus 475 bps

By Sara Rosenberg

New York, May 11 – Opry Entertainment Group (OEG Borrower LLC) is talking its $300 million seven-year term loan B (B) at SOFR plus 475 basis points with 25 bps step-downs at 3.47x and 3.22x first-lien net leverage, a 0% floor and an original issue discount of 97.5 to 98, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

JPMorgan Chase Bank and Morgan Stanley Senior Funding Inc. are the leads on the deal that launched with a lender call on Tuesday afternoon.

Commitments are due at noon ET on May 19.

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.

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