Royall firms spread on $103.25 million facility at Libor plus 500 bps

By Sara Rosenberg

New York, Nov. 15 - Royall & Co. finalized pricing on its $103.25 million five-year senior secured credit facility at Libor plus 500 basis points, the tight end of the initial Libor plus 500 bps to 550 bps talk, according to a market source.

Also, the Libor floor was reduced to 1.5% from 1.75%, the source said.

The original issue discount was left unchanged at 98.

The facility consists of a $10 million revolver and a $93.25 million term loan.

GE Capital is the lead arranger on the deal.

Proceeds will be used for a dividend recapitalization.

Royall is a Richmond, Va.-based direct marketing company focused on working with colleges and universities to achieve their enrollment and financial goals.

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