Wachovia Securities is holding a bank meeting tomorrow to launch syndication of a $210 million facility backing Apax Partners and Spectrum Equity Investors acquisition of NEP Broadcasting from Wachovia Capital Partners. "[Wachovia Securities] had very strong knowledge of the business and put forth a very competitive proposal," noted Jackie Reses, a principal with Apax. In addition, "They are pretty active in the second-lien market."
The deal comprises a five-year, $20 million revolver; six-and-a-half year, $145 million "B" loan; and seven-year, $45 million second-lien term loan. NEP has around $70 million of debt that will be refinanced with the transaction, Reses added. Wachovia Capital Partners acquired Pittsburgh-based NEP in 2000. NEP provides television production facilities and services to the sports and entertainment industries. A NEP spokesman and Spectrum officials did not return calls. Wachovia bankers also did not return calls.