The Nielsen Finance subsidiary of Nielsen Holdings has reworked some of its debt – specifically the revolving credit commitments by a group of banks led by Citibank. The move adds a few years to the revolver.
Under the amendment agreement dated March 23rd, Nielsen terminated the existing revolving credit commitments totaling $688 million, which had a final maturity date of August 9, 2012, and replaced them with new revolving credit commitments totaling $635 million with a final maturity date of April 1, 2016.
Here are the terms: Revolving loans made pursuant to the new revolving credit commitments may be drawn in US dollars or euros (at the election of the borrowers) and bear a tiered floating interest rate of LIBOR plus a margin ranging from 2.25% to 3.50% based on the Total Leverage Ratio (as defined in the Credit Agreement). Margins on base rate loans range from 1.25% to 2.50% also based on the Total Leverage Ratio. A commitment fee is payable on the unused portion of the new revolving credit commitments ranging from 0.375% to 0.75% depending on the Total Leverage Ratio.