SeaWorld trims pricing on $1.4 billion term B to Libor plus 225 bps

By Sara Rosenberg

New York, May 10 - SeaWorld Parks & Entertainment Inc. cut pricing on its roughly $1.4 billion term loan B (Ba3/BB-) to Libor plus 225 basis points from Libor plus 250 bps, according to sources.

Also, a step-down was added to Libor plus 200 bps at less than 3.2 times net total leverage, sources said.

Additionally, the original issue discount firmed at 993/4, the wide end of the 99¾ to par talk, and the 101 soft call protection was extended to one year from six months, sources continued.

The loan still has a 0.75% Libor floor.

Recommitments were due at 1 p.m. ET on Friday.

Bank of America Merrill Lynch, Goldman Sachs & Co., J.P. Morgan Securities LLC, Barclays, Citigroup Global Markets Inc., Wells Fargo Securities LLC and Macquarie Capital are leading the deal.

Proceeds will be used to refinance an existing term loan B that is priced at Libor plus 300 bps with a 1% Libor floor and an existing term loan A that is priced at Libor plus 275 bps.

SeaWorld is an Orlando-based theme park operator.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.