Resolute Investment cuts add-on first-lien term loan to $25 million

By Sara Rosenberg

New York, Oct. 29 – Resolute Investment Managers Inc. downsized its fungible add-on first-lien term loan (Ba3/B+) due April 2024 to $25 million from $50 million, according to a market source.

Pricing on the add-on first-lien term loan and extended $280.5 million first-lien term loan (Ba3/B+) due April 2024 remained at Libor plus 375 basis points with a 1% Libor floor. The add-on term loan has an original issue discount of 99.5 and the extended loan has a 50 bps extension fee, and all of the debt has 101 soft call protection for six months.

The company is also getting an extended $105 million second-lien term loan (B3/B-) due April 2025 priced in line with talk at Libor plus 800 bps with a 1% Libor floor and a 50 bps extension fee. This tranche has 101 hard call protection for one year.

RBC Capital Markets, LLC; Barclays and BMO Capital Markets Corp. are the joint lead arrangers on the deal.

Proceeds from the add-on term loan will be used for general corporate purposes and future acquisitions.

Under the extension, the company is pushing out the maturity on its existing first-lien term loan from April 2022 and increasing pricing from Libor plus 325 bps with a 1% Libor floor, extending the maturity on its existing second-lien term loan from April 2023 and increasing pricing from Libor plus 750 bps with a 1% Libor floor.

Resolute Investment is an Irving, Tex.-based diversified asset management platform that partners with investment managers on both an affiliated and unaffiliated basis.

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