Playtika ups spread on $2.5 billion term loan B to Libor plus 600 bps

By Sara Rosenberg

New York, Nov. 26 – Playtika Holding Corp. increased pricing on its $2.5 billion five-year covenant-lite first-lien term loan B (Ba3/B+) to Libor plus 600 basis points from Libor plus 400 bps, according to a market source.

Also, the Libor floor on the term loan was revised to 1% from 0% and the original issue discount widened to 98 from 99, the source said.

In addition, the 101 soft call protection on the term loan was extended to one year from six months.

The term loan still has amortization of 5% per annum.

Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and UBS Investment Bank are the lead arrangers on the deal.

Commitments are due at noon ET on Dec. 3, the source added. The original commitment deadline had been 5 p.m. ET on Nov. 25.

Proceeds will be used to refinance an existing bridge loan.

Playtika is a mobile gaming company.

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