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Duff & Phelps finalizes OID on $160 million tack-on term loan at 98¼
By Sara Rosenberg
New York, Jan. 22 – Duff & Phelps Corp. firmed the original issue discount on its $160 million first-lien tack-on covenant-light term loan due April 23, 2020 at 98¼, the wide end of the 98¼ to 98½ talk, according to a market source.
Pricing on the tack-on term loan is Libor plus 350 basis points with a 1% Libor floor, in line with the existing term loan.
Included in the tack-on term loan is 101 soft call protection for one year, and the existing term loan will get the same call protection.
Of the total tack-on loan amount, $80 million is funded and $80 million is delayed-draw.
The tack-on debt will trade as a strip until the delayed-draw term loan funds, the source said.
Credit Suisse Securities (USA) LLC is the lead bank on the deal.
Proceeds will be used to fund two acquisitions.
Duff & Phelps is a New York-based financial advisory and investment banking firm.
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