Carlyle’s NEP Deal Sets Out Blueprint for Junk-Loan Borrowers

Carlyle-owned media firm NEP Group Inc. extended the maturity on just under $2 billion worth of leveraged loans in a complex arrangement that offers a roadmap for borrowers dealing with hefty debt levels and limited cashflow in the new era of high interest rates.

The Barclays Plc-led deal pushed out the company’s existing term loan due 2025 by about a year. The short extension allows more managers of collateralized loan obligations to participate, according to people familiar with the matter who weren’t authorized to speak publicly. A longer time frame would have breached reinvestment limits for some CLOs, they ...