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Opry ups spread on $300 million term loan to SOFR plus 500 bps
By Sara Rosenberg
New York, May 20 – Opry Entertainment Group (OEG Borrower LLC) lifted pricing on its $300 million seven-year term loan B (B2/B) to SOFR plus 500 basis points from SOFR plus 475 bps and removed the 25 bps step-downs at 3.47x and 3.22x first-lien net leverage, according to a market source.
In addition, the floor on the term loan was changed to 0.75% from 0% and the original issue discount widened to 96 from talk in the range of 97.5 to 98, the source said.
Furthermore, the call protection was revised to a 101 hard call for one year from a 101 soft call for six months, and a ticking fee was added.
JPMorgan Chase Bank and Morgan Stanley Senior Funding Inc. are the leads on the deal.
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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