Cast & Crew flexes $495 million term loan to Libor plus 300 bps

By Sara Rosenberg

New York, Sept. 25 – Cast & Crew Entertainment Services LLC reduced pricing on its $495 million seven-year covenant-light first-lien term loan B (B2/B+) to Libor plus 300 basis points from Libor plus 325 bps, according to a market source.

Also, the original issue discount on the term loan was changed to 99.75 from 99.5, the MFN carve-out was lowered to $60 million from $75 million, and the MFN sunset was extended to 24 months from six months, the source said.

The term loan still has a 0% Libor floor and 101 soft call protection for six months.

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

Recommitments were scheduled to be due at 5 p.m. ET on Monday, 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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