Franklin Square to launch $450 million term loan B on Wednesday

By Sara Rosenberg

New York, July 17 – Franklin Square Holdings is scheduled to hold a bank meeting on Wednesday to launch a $450 million seven-year term loan B, according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal.

Price talk on the term loan B is Libor plus 275 basis points to 300 bps with a 0% Libor floor and an original issue discount of 99.5, the source said.

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

Proceeds will be used to refinance an existing term loan A and for general corporate purposes.

Commitments are due at 5 p.m. ET on July 26, the source added.

Franklin Square is a Philadelphia-based investment company.

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