Dorna Sports readies €975M term loan

A €975 million term loan from Dorna Sports S.L. will launch with a lender presentation on Jan. 25 via joint active bookrunners BNP Paribas, Citi, J.P. Morgan, Nomura, and Societe Generale CIB.

Replies on the deal are due Feb. 2.

Proceeds from the facility will be used alongside cash on balance sheet to refinance €840 million-equivalent of outstanding euro- and dollar-denominated term loans due April 2024 and to fund a dividend payment to shareholders. Back in 2017, the issuer agreed an €805.7 million seven-year term loan refinancing priced at E+325 with a 0% floor. That transaction included a $90 million carve-out priced at L+350 with a 0% floor.

The new seven-year debt will be cov-lite.

Dorna is an international sports management, media and marketing company. It is owned by Bridgepoint (41%), CPPIB (39%), and management (20%).