NEP Broadcasting Seeks $680 Million Crestview LBO Loan

NEP Broadcasting LLC is seeking $680 million of loans to back its buyout by Crestview Partners LLC, according to a person with knowledge of the transaction.

The financing will include a $455 million first-lien term loan, a $165 million second-lien term portion and a $60 million revolving line of credit, said the person, who asked not to be identified because the information is private.

Barclays Plc is leading the first-lien piece, while Morgan Stanley will be arranging the second-lien debt for the provider of broadcast solutions to the sports and entertainment industries, the person said. The banks will host a lender meeting Jan. 8 at 10 a.m. in New York.

Crestview acquired the Pittsburgh-based company for an undisclosed amount from American Securities LLC, which purchased the company in 2007, according to data compiled by Bloomberg.

Jeffrey Taufield, a spokesman for Crestview Partners, didn’t immediately respond to an e-mail seeking comment.

First-lien debt is repaid first in a bankruptcy or liquidation, second-lien borrowings are repaid next.

To contact the reporter on this story: Michael Amato in New York at mamato3@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net

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