PSAV increases add-on first-lien term loan size to $150 million

By Sara Rosenberg

New York, July 25 – PSAV upsized its fungible add-on first-lien term loan (B2/B-) due March 2025 to $150 million from $125 million, according to a market source.

Pricing on the add-on first-lien term loan is Libor plus 325 basis points with a 1% Libor floor, in line with existing first-lien term loan pricing.

The add-on term loan still has an original issue discount of 98.75, 101 soft call protection for six months and amortization of 1% per annum.

Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc. and Blackstone Capital Markets are the leads on the deal.

Recommitments are due at 11 a.m. ET on Thursday, the source added.

Proceeds will be used to support the buyout of the company by Blackstone from affiliates of Goldman Sachs and Olympus Partners.

In connection with this transaction, existing first-lien lenders are being offered a 12.5 bps amendment fee on current positions and existing second-lien lenders are being offered a 25 bps amendment fee on current positions.

PSAV is a Long Beach, Calif.-based event technology provider.

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