Learfield launches $364 million incremental term loan at 99.5 OID

By Sara Rosenberg

New York, Nov. 30 – Learfield Communications LLC launched on Thursday its $364 million incremental covenant-light first-lien term loan due Dec. 1, 2023 with original issue discount talk of 99.5, according to a market source.

Pricing on the incremental loan is Libor plus 325 basis points with a 1% Libor floor, in line with existing first-lien term loan pricing.

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

Deutsche Bank Securities Inc., UBS Investment Bank, KKR Capital Markets, Antares Capital, SunTrust Robinson Humphrey Inc., Barclays, Jefferies LLC, J.P. Morgan Securities LLC and RBC Capital Markets are the arrangers on the deal.

Commitments are due at noon ET on Dec. 12.

Proceeds will be used to fund the merger of Learfield and IMG College, a subsidiary of WME | IMG.

Including the incremental loan, the first-lien term loan will total $837 million.

With the incremental loan, the company will seek an amendment from first- and second-lien credit facilities lenders regarding the restricted payments made in connection with the transaction and the incremental equivalent debt incurred in the transaction.

Learfield is a Plano, Texas-based provider of collegiate sports multimedia rights administration and marketing services. IMG College represents schools, conferences and other collegiate institutions across multimedia rights, licensing, marketing, ticketing, seating, publishing, radio and digital.

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