TCW Group is set to launch $405 million credit facility on Wednesday

By Sara Rosenberg

New York, Dec. 4 - TCW Group is set to hold a bank meeting at 2 p.m. ET in New York on Wednesday to launch a $405 million credit facility, according to a market source.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch and Morgan Stanley Senior Funding Inc. are the lead banks on the deal.

The facility consists of a $50 million five-year revolver and a $355 million seven-year term loan B, the source said.

Proceeds will be used to help fund the acquisition of the company by the Carlyle Group from Societe Generale, to refinance existing debt and for working capital.

Other funds for the buyout will come from equity from Carlyle investment funds, as well as from TCW management.

As a result of the transaction, TCW management and employees will increase their ownership in the firm to about 40% on a fully diluted basis.

Closing is expected in the first quarter of 2013.

TCW is a Los Angeles-based asset management firm with around $130 billion under management.

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