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Production Resources launches $385M buyout loan
New York, July 12 (LCD) - Price talk is L+225-250, pending receipt of ratings, on Goldman Sachs’ $385 million senior secured financing backing the Jordan Cos.’ roughly $600 million purchase of Production Resources Group, sources said.
The deal, which launched with a bank meeting today, includes a $325 million term loan and a $60 million revolving credit. Maintenance covenants include total leverage and interest-coverage tests, sources said. Jordan and PRG management will contribute roughly $305 million of equity to the transaction. Leverage is roughly 4.4x, sources said.
Production Resource Group is a global supplier of entertainment technology solutions, including video, lighting, audio, scenery and automation systems. PRG serves a wide range of markets, including theatre, concert tours, trade shows, corporate and special events, television and film and themed environments. PRG provides its services worldwide through more than 19 offices in North America, Europe and Asia.
New York, July 12 (LCD) - Price talk is L+225-250, pending receipt of ratings, on Goldman Sachs’ $385 million senior secured financing backing the Jordan Cos.’ roughly $600 million purchase of Production Resources Group, sources said.
The deal, which launched with a bank meeting today, includes a $325 million term loan and a $60 million revolving credit. Maintenance covenants include total leverage and interest-coverage tests, sources said. Jordan and PRG management will contribute roughly $305 million of equity to the transaction. Leverage is roughly 4.4x, sources said.
Production Resource Group is a global supplier of entertainment technology solutions, including video, lighting, audio, scenery and automation systems. PRG serves a wide range of markets, including theatre, concert tours, trade shows, corporate and special events, television and film and themed environments. PRG provides its services worldwide through more than 19 offices in North America, Europe and Asia.
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