Daily News: March 14, 2014

IMG Said to Increase Rate on $2.35B Term Loan for Buyout

Bloomberg reported IMG Worldwide increased the rate on $2.35 billion of loans it’s seeking to fund its purchase by Silver Lake Management.

According to Bloomberg , a $1.9 billion first-lien loan due in seven years will now pay interest at 4 percentage points to 4.25 percentage points more than the London interbank offered rate, compared with 3.25 percentage point to 3.5 percentage points initially offered, according to a person with knowledge of the deal.

Bloomberg added the debt is being arranged by JPMorgan Chase & Co., according to the source.

To read the entire Bloomberg , article, click here.