Victory Capital Holdings increases term loan B size to $360 million

By Sara Rosenberg

New York, Feb. 8 – Victory Capital Holdings Inc. upsized its covenant-light term loan B to $360 million from $325 million, according to a market source.

Pricing on the term loan remained at Libor plus 275 basis points with a 0% Libor floor and an original issue discount of 99.75.

The term loan still has 101 soft call protection for six months.

Earlier in syndication, pricing on the term loan was lowered from talk in the range of Libor plus 300 bps to 325 bps and the discount was tightened from 99.5.

The company’s now $410 million of credit facilities, up from $375 million, also include a $50 million revolver.

RBC Capital Markets and JPMorgan are the joint lead arrangers on the deal.

Recommitments were scheduled to be due at noon ET on Thursday, the source added.

Proceeds from the new facility along with funds from an initial public offering will be used to refinance the company’s existing debt.

The term loan was upsized as a result of less net proceeds raised from the IPO.

Victory Capital is a Brooklyn, Ohio-based asset management firm. Crestview Partners and Reverence Capital Partners are the sponsors.

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