Russell Investments firms extended term loan B at $1.16 billion

By Sara Rosenberg

New York, April 2 – Russell Investments set the size of its extended first-lien term loan B due May 30, 2027 (B1/B+) at $1,160,419,945, versus initial talk of $1.207 billion, according to a market source.

Pricing on the term loan remained at 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.

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

Proceeds will be used to amend and extend an existing first-lien term loan B due May 30, 2025. With this transaction, there will be no un-extended term loan tranche.

Closing is expected during the week of April 8.

TA Associates and Reverence Capital Partners are the sponsors.

Russell Investments is a Seattle-based investment solutions provider.

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