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Victory Capital tightens OID on $50 million add-on term loan B to 99¼
By Sara Rosenberg
New York, April 30 – Victory Capital Operating LLC modified the original issue discount on its fungible $50 million add-on term loan B due Oct. 31, 2021 to 99¼ from the 99 area, according to a market source.
As before, pricing on the add-on term loan is Libor plus 600 basis points with a 1% Libor floor, and it has 101 hard call protection through October 2015.
Commitments were due at 3 p.m. ET on Thursday, moved up from 5 p.m. ET, the source added.
Morgan Stanley Senior Funding Inc. is the lead bank on the deal.
Proceeds will be used to fund a distribution to shareholders.
With the transaction, existing lenders are being offered a 25 bps amendment fee.
Victory Capital is a Brooklyn, Ohio-based asset manager.
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