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Banijay Group tweaks U.S. term loan size, revises pricing
By Sara Rosenberg
New York, Feb. 3 – Banijay Group downsized its U.S. five-year covenant-lite term loan B (B1/B/B+) to $460 million from €450 million equivalent and reduced pricing to Libor plus 375 basis points from talk in the range of Libor plus 425 bps to 450 bps, according to a market source.
Furthermore, the margin step-down was removed from the U.S. term loan B and the original issue discount was tightened to 99.75 from 99, the source said.
Also, the company lowered pricing on its €503 million five-year covenant-lite term loan B (B1/B/B+) to Euribor plus 400 bps from talk in the range of Euribor plus 425 bps to 450 bps and changed original issue discount talk to a range of 99.75 to par from 99.5.
Both term loans still have a 0% floor and 101 soft call protection for six months.
Deutsche Bank, Natixis and Societe Generale are the global coordinators and joint bookrunners on the deal. BNP Paribas and BofA Securities, Inc. are passive bookrunners.
Recommitments for the U.S. term loan were scheduled to be due at 4 p.m. ET on Monday and commitments for the euro term loan are due at 6 a.m. ET on Tuesday, the source added.
Allocations are expected on Tuesday.
Proceeds will be used to help redeem Banijay 2022 notes and repay senior credit facilities, to fund the acquisition of Endemol Shine from Walt Disney Co. and Apollo Global Management Inc. and repay debt, to refinance the consideration paid for the Bear Grylls acquisitions, and to pay fees and expenses.
Other funds for the transaction will come from $403 million of senior secured notes, revised from €325 million equivalent, €525 million of senior secured notes and €400 million of senior notes.
Banijay is a Paris-based independent production and distribution business.
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