Russell Investments to launch $1.21 billion term loan B on Wednesday

By Sara Rosenberg

New York, March 12 – Russell Investments is set to hold a lender all at 1:30 p.m. ET on Wednesday to launch a $1.207 billion first-lien term loan B due May 30, 2027, according to a market source.

Barclays is the left lead on the deal and the administrative agent.

Price talk on the term loan is SOFR plus 500 basis points plus 150 bps PIK interest with a 1% floor, a cash original issue discount of 3 points and a PIK original issue discount of 4 points, the source said.

The term loan is callable at par through December 2025, then at 101 through December 2026 and at 103 thereafter.

Amortization on the term loan is 1% per annum through May 2025, 2.5% through end of fiscal year 2025 and 3.75% thereafter.

Commitments are due at 5 p.m. ET on March 22, the source added.

Proceeds will be used to amend and extend an existing first-lien term loan B due May 30, 2025.

The size of the extended term loan reflects a $100 million fiscal year 2023 paydown and PIK original issue discount.

TA Associates and Reverence Capital Partners are the sponsors.

Russell Investments is a Seattle-based investment solutions provider.

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