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Russell launches $838 million term loan B at Libor plus 325-350 bps
By Sara Rosenberg
New York, March 19 – Russell Investments launched on Monday its $838 million first-lien term loan B due June 1, 2023 with price talk of Libor plus 325 basis points to 350 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, Macquarie Capital (USA) Inc. and Credit Suisse Securities (USA) LLC are the bookrunners on the deal.
Commitments are due at noon ET on Friday.
Proceeds will be used to reprice an existing term loan B down from Libor plus 425 bps with a 1% Libor floor.
Russell Investments is a Seattle-based asset manager.
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