The underwriters for the offering are Jefferies, Barclays, Macquarie Capital, Morgan Stanley, RBC, Nomura and Stifel.
The company is a large global outsourced provider of comprehensive live and broadcast production solutions, with leading market positions in the United States, Europe and Australia. NEP serves the premium sports, entertainment and other live event production markets. In doing this, the company offers mission-critical outsourced solutions, including remote production, studio production, video display and host broadcasting.
It is worth mentioning that NEP was founded back in 1986.
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According to NEP:
We believe that we have the largest and most experienced outsourced engineering team in our industry, delivering unique value through our extensive network of mobile units, fixed-location studios and control rooms, and modular video displays.
The technical solutions are supported on-site and in real-time by a team of over 800 engineers around the globe. The high-quality equipment and facilities, which are typically designed and procured in connection with a specific long-term contract, are primarily comprised of 118 mobile production units, 46 studios and control rooms.
The company believes that the scale of its platform allows it to satisfy increasingly complex client requirements globally, while enabling attractive returns on capital. There are offices in 13 countries and NEP has experience in over 65 countries. Ultimately these provide the company with a global platform from which it has serviced over 1,700 clients and more than 10,700 events in 2014.
For the three months ended in March 2015 and the year ended in December 2014, NEP generated total revenues of $103.1 million and $442.8 million, respectively. At the same time, there were net losses of $35.9 million and $41.2 million, respectively.
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NEP intends to use the net proceeds from this offering to repay borrowings, related fees and expenses outstanding under NEP’s revolving credit facility, as well as to repay borrowings outstanding under its second lien term loan.
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