Nine Entertainment to Meet With U.S Lenders to Discuss Term LoanMichael Amato
Nine Entertainment Co., the Australian broadcaster owned by CVC Capital Partners Ltd., will meet with U.S. lenders on Jan. 10 at 10:30 a.m. in New York to discuss a A$700 million ($733 million) covenant-lite term loan it’s seeking to refinance debt, according to a person with knowledge of the transaction.
UBS AG, Deutsche Bank AG, Morgan Stanley and Nomura Holdings Inc. are arranging the financing, which also includes a A$100 million revolving line of credit that will be undrawn at closing and be used for general corporate purposes, said the person, who asked not to be identified because the information is private.
Scott Briggs, director of corporate and regulatory affairs for Sydney-based Nine Entertainment, didn’t immediately respond to an e-mail seeking comment.
Covenant-lite debt doesn’t carry typical lender protection such as financial-maintenance requirements.