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.

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

Opry revised, breaks

Opry Entertainment 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.

The term loan freed to trade on Friday, with levels quoted at 96 bid, another source said.

JPMorgan Chase Bank and Morgan Stanley Senior Funding Inc. are leading the deal that 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. Ryman Hospitality Properties Inc. will retain a controlling 70% interest in the company.

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.

Closing is expected this quarter.

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

Westinghouse updated

Westinghouse revised the original issue discount talk on its $550 million incremental term loan due August 2025 (B2/B/B+) to a range of 96 to 96.5 from 97, according to a market source.

As before, the incremental term loan is priced at SOFR plus 375 bps with a 0.5% floor.

Commitments were due at the end of the day on Friday, move up from end of the day on Monday, the source added.

BMO Capital Markets, Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, RBC Capital Markets, BNP Paribas Securities Corp., Barclays, Credit Agricole and Deutsche Bank Securities Inc. are leading the deal that will be used to help fund the acquisition of BHI Energy Inc.

Westinghouse is a Cranberry Township, Pa.-based provider of infrastructure services to the nuclear power sector.

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