Nine Entertainment to launch A$800 million credit facility on Jan. 10

By Sara Rosenberg

New York, Jan. 2 - Nine Entertainment Group is scheduled to hold a bank meeting at 10:30 a.m. ET at the InterContinental New York Barclay on Jan. 10 to launch an A$800 million senior secured credit facility, according to a market source.

UBS Securities LLC, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc. and Nomura are the lead banks on the deal.

The facility consists of a A$100 million revolver and a U.S. dollar equivalent A$700 million seven-year covenant-light term loan, the source said.

Proceeds will be used to pay A$600 million cash consideration to previous senior and mezzanine lenders and Red Earth, to pay transaction and advisory costs and for general corporate purposes. The revolver is expected to be undrawn at close.

Nine Entertainment is an Australian diversified media and entertainment group.

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