Opry Entertainment term loan hits secondary market; Westinghouse tweaks deal

By Sara Rosenberg

New York, May 20 – Opry Entertainment Group (OEG Borrower LLC) increased pricing on its term loan B, eliminated step-downs, revised the floor, widened the original issue discount and sweetened the call protection before freeing up for trading on Friday.

Opry raised pricing on its $300 million seven-year term loan B (B2/B) to SOFR plus 500 basis points from SOFR plus 475 bps, and eliminated the 25 bps step-downs at 3.47x and 3.22x first-lien net leverage, a market source remarked.

Also, the floor on the term loan was lifted to 0.75% from 0%, the original issue discount was changed to 96 from talk in the range of 97.5 to 98, the call protection was modified to a 101 hard call for one year from a 101 soft call for six months, and a ticking fee was added.

In more happenings, Westinghouse (Brookfield WEC Holdings Inc.) modified the original issue discount talk on its incremental term loan and changed the commitment deadline.

© 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.