18 Nov, 2021

Fanatics wraps $500M term loan B at tight end of talk; terms

Fanatics has completed a $500 million, seven-year term loan B at the tight end of talk via a Citi-led arranger group at pricing of L+325, with a 0.50% Libor floor and an original issue discount of 99.5, according to sources. Proceeds will be used to fund the growth of Fanatics through investment into new, highly synergistic verticals and fan products and for general corporate purposes. Issuance comes via Fanatics Commerce Intermediate Holdco LLC, a subsidiary of Fanatics Holdings Inc., which operates a retail sports merchandise store.

Terms:

Borrower Fanatics Commerce Intermediate Holdco Inc.
Issue $500 million term loan B
UoP Investment, GCP
Spread L+325
Libor floor 0.50%
Price 99.50
Tenor 7-year
YTM 3.89%
Four-year yield 3.95%
Call protection N/A
Corporate ratings BB-/Ba3
Facility ratings BB-/Ba3
Recovery ratings 3
Financial covenants None
Arrangers Citi/BofA/JPM/Barc/BNP/PNC/Truist/BMO/GS/HSBC/Miz
Admin agent Citi
Px Talk L+325-350/0.5%/99.5
Sponsor Private
Notes