Red Ventures trims term loan to $300 million, widens pricing

By Sara Rosenberg

New York, Oct. 2 – Red Ventures LLC downsized its incremental senior secured first-lien term loan to $300 million from $400 million and increased pricing to Libor plus 350 basis points from talk in the range of Libor plus 300 bps to 325 bps, according to a market source.

Also, the Libor floor on the term loan firmed at 0.75%, the wide end of the 0.5% to 0.75% talk, the source said.

The term loan still has an original issue discount of 98.

BofA Securities Inc. is the left lead bank on the deal.

Proceeds will be used to help fund the acquisition of CNET Media Group, a digital media company, from ViacomCBS for $500 million.

Closing is expected in the fourth quarter, subject to regulatory approvals and customary conditions.

Red Ventures is a Fort Mill, S.C.-based portfolio of digital brands.

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