Cast & Crew shops $495 million term loan at Libor plus 325 bps

By Sara Rosenberg

New York, Sept. 14 – Cast & Crew Entertainment Services LLC came out with price talk of Libor plus 325 basis points with a 0% Libor floor and an original issue discount of 99.5 on its $495 million seven-year covenant-light first-lien term loan B (B2/B+), according to a market source.

The term loan has 101 soft call protection for six months.

The loan launched with a bank meeting on Sept. 8 but the release of official price talk was waiting on the receipt of ratings. At the bank meeting, lenders were told to expect talk to emerge in the Libor plus low- to mid-300’s area.

RBC Capital Markets LLC is the left lead arranger on the deal.

Commitments are due on Sept. 21, the source added.

Proceeds will be used to refinance the company’s existing first-lien term loan, second-lien term loan and second-lien notes in a leverage neutral transaction.

Cast & Crew, a Silver Lake portfolio company, is a Burbank, Calif.-based provider of technology-enabled payroll, production accounting and related value-added services to the entertainment industry.

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