KKR and Temasek Provide $635m Loan to Back Silver Lake’s TEG

Dec 15, 2023 | News

Singapore’s Temasek Holdings Pte and KKR & Co. have joined a loan deal for Silver Lake Management LLC’s TEG Pty Ltd., according to people familiar with the matter, who asked not to be identified discussing a private matter.

The unitranche loan of around $635m has a five-year tenor and a margin of 550 basis points, one of the people said, in line with Bloomberg’s report in November.

Australia-based TEG is a company that sells tickets to concerts, musicals and sporting events with operations in countries such as Australia, the UK and Singapore. The dividend recapitalization transaction would give Silver Lake Management a payout after talks to sell TEG earlier this year stalled.

Temasek, KKR, Silver Lake and TEG declined to comment when contacted by Bloomberg.

The Australian Financial Review reported the involvement of the two firms earlier. The deal includes a $130m revolving credit facility on top of the $635m loan, it said.

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TEG is a leading global provider of live entertainment ticketing, digital solutions, and data services. With operations in Australia, the United Kingdom, and Singapore, TEG delivers over 30 million tickets annually for over 30,000 events across a wide range of genres, including concerts, sporting events, theatre, festivals, and exhibitions.

TEG is a major player in the global live entertainment industry and is well-positioned for continued growth in the years to come. The company’s strong track record, innovative technology, and focus on data analytics make it an attractive partner for venues, promoters, and artists.

Here are some of TEG’s notable achievements: In 2019, TEG was ranked number one in the world for live entertainment ticketing by Pollstar. In 2022, TEG was named one of the best workplaces in Australia by Great Place to Work Australia. TEG has a strong commitment to corporate social responsibility and has been recognized for its work in sustainability and diversity and inclusion.

With its strong foundation and commitment to innovation, TEG is sure to continue to play a leading role in the global live entertainment industry for years to come.

Source: Yahoo! Finance

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