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Weather Channel firms pricing on $1.3 billion term loan B at Libor plus 350 bps
By Sara Rosenberg
New York, March 11 - Weather Channel (TWCC Holding Corp.) finalized pricing on its $1.3 billion term loan B (Ba2) at Libor plus 350 basis points, the low end of initial talk of Libor plus 350 bps to 375 bps, according to a market source.
In addition, the original issue discount on the loan tightened to 99½ from talk of 99, the source said.
The 1.5% Libor floor and 101 soft call protection for one year were left unchanged.
As a result of strong demand, the commitment deadline for the loan was accelerated to 5 p.m. ET on Thursday.
Deutsche Bank is the lead arranger and is a joint bookrunner with Credit Suisse on the deal.
Proceeds will be used to refinance the company's existing term loan B - priced at Libor plus 400 bps with a 3.25% Libor floor - and retire a portion of its subordinated notes.
The new term loan B will mature on Sept. 14, 2015, which is the same maturity as the existing term loan B, and will have the same covenants as the existing credit agreement.
Weather Channel is an Atlanta-based media company devoted to bringing weather news via television, internet and mobile devices.
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