Entertainment Partners completes $850M term loan tight to talk; terms

Investors have received allocations of Entertainment Partners' $850 million, seven-year covenant-lite term loan B that priced tight to talk at L+350, with a 0.50% Libor floor and an original issue discount of 99.5 via a BofA Securities-led arranger group, according to sources. The term loan broke for trading at 99.75/100.25 before ticking up to a 99.875/100.25 level. Proceeds from the term loan, along with those from a privately placed $200 million second-lien term loan due 2029, will be used to refinance existing debt and to fund a $285 million dividend to shareholders. Financing includes a new $110 million revolver due 2026 with a springing first-lien leverage covenant. Entertainment Partners, backed by TPG Capital, provides production workforce management and automated production software and services to the entertainment industry.

Terms: