Emerald Expositions launches term loan at Libor plus 350-375 bps

By Sara Rosenberg

New York, June 3 - Emerald Expositions Holdings launched on Monday its $430 million term loan with price talk of Libor plus 350 basis points to 375 bps with a 1% Libor floor and an original issue discount of 99 to 991/2, according to a market source.

The term loan has 101 soft call protection for six months.

The company's $520 million credit facility (BB-) also includes a $90 million five-year revolver.

Bank of America Merrill Lynch, Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc., RBC Capital Markets and UBS Investment Bank are the lead banks on the deal.

Proceeds, along with about $350 million in equity and $200 million of notes, will fund the $950 million acquisition of Nielsen Expositions by Onex Corp. from Nielsen Holdings NV.

For the year ended Dec. 31, 2012, Nielsen Expositions generated revenues of around $183 million, adjusted EBITDA of $97 million and incurred capital expenditures of $2 million on a stand-alone basis.

Closing on the acquisition is expected this quarter, subject to customary conditions.

Nielsen Expositions is a San Juan Capistrano, Calif.-based operator of large, business-to-business tradeshows.

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