Ticketmaster upsizes term loan B to $350 million, raises pricing

By Sara Rosenberg

New York, July 14 - Ticketmaster increased the size of its 61/2-year term loan B to $350 million from $250 million and flexed pricing up to Libor plus 325 basis points from Libor plus 275 bps, according to a market source.

The original issue discount on the term loan B was left unchanged at 981/2, the source said.

The term loan B was upsized as a result of the company downsizing its senior notes offering to $300 million from $400 million, the source added.

Ticketmaster's now $650 million credit facility (Ba1/BBB), up from $550 million, still includes a $200 million five-year revolver and a $100 million five-year term loan A, with both of these tranches priced at Libor plus 250 bps.

JPMorgan and Merrill Lynch are the lead banks on the deal.

Proceeds will be used to help fund the company's spin-off from IAC/InterActiveCorp.

Ticketmaster is a West Hollywood, Calif., live entertainment ticketing and marketing company.

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