Mondrian lifts spread on $305 million term B to Libor plus 300 bps

By Sara Rosenberg

New York, March 5 - Mondrian Investment Partners Ltd. increased pricing on its $305 million senior secured term loan B (Ba2/BB) due March 2020 to Libor plus 300 basis points from Libor plus 275 bps, according to a market source.

The loan includes an $83 million add-on that saw its offer price firm at par, the tight end of the 99¾ to par talk, the source said.

The remainder of the B loan was also issued at par.

Lenders on the existing $222 million portion of the term loan B received a 10 bps consent fee on rolled money.

As before, the term loan B has a 1% Libor floor and 101 soft call protection for six months.

Morgan Stanley Senior Funding Inc. is the lead arranger and bookrunner on the deal.

Proceeds from the add-on will be used for seed capital and to fund distributions to retirees and employee funders of the 2004 management buyout.

The rest of the term loan B was used to reprice an existing $222 million term loan from Libor plus 425 bps with a 1.25% Libor floor, and extend the maturity from July 2018.

Closing is expected to occur on Thursday.

Mondrian is a money manager with offices in London and Philadelphia.

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