Russell launches $843 million term B at Libor plus 425-450 bps

By Sara Rosenberg

New York, Aug. 2 – Russell Investments launched on Wednesday its $843 million term loan B (Ba2/BB/BB) due June 1, 2023 with price talk of Libor plus 425 basis points to 450 bps with a 1% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Barclays is the bookrunner on the deal.

Proceeds will be used to reprice an existing term loan from Libor plus 575 bps with a 1% Libor floor.

Commitments/consents are due at noon ET on Aug. 9, the source added.

Russell Investments is a Seattle-based asset manager.

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