Cirque du Soleil firms $95 million add-on loan at 99.125 OID

By Sara Rosenberg

New York, June 26 – Cirque du Soleil Canada Inc. finalized the original issue discount on its $95 million add-on covenant-light first-lien term loan (B1/B+) at 99.125, the wide end of the 99.125 to 99.25 talk, according to a market source.

Also, the call protection on the term loan was revised to a 101 soft call for six months from expiring on Saturday, the source said.

Pricing on the add-on loan is Libor plus 375 basis points with a 1% Libor floor, in line with existing term loan pricing.

RBC Capital Markets is the lead arranger on the deal.

Commitments were scheduled to be due at noon ET on Tuesday, the source added.

Proceeds will be used to fund the acquisition of VStar Entertainment Group, a Fridley, Minn.-based producer of family friendly shows, events, experiential installations, mascots and costumes.

Closing is expected on July 3.

TPG Capital is the sponsor.

Cirque du Soleil is a Montreal-based producer of live artistic entertainment.

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