TCW Group to launch $675 million of credit facilities on Monday

By Sara Rosenberg

New York, Dec. 1 – TCW Group will hold a call on Monday to launch $675 million of credit facilities (BB+), according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal.

The facilities consist of a $75 million revolver and a $600 million term loan B that is talked at Libor plus 225 basis points to 250 bps with a 1% Libor floor and an original issue discount of 99.75, the source said.

Commitments are due on Dec. 11, the source added.

Proceeds will be used to refinance existing debt and fund the purchase by Nippon Life Insurance Co. of a 24.75% minority stake in TCW from the Carlyle Group.

Upon the close of the transaction, TCW’s employee ownership will increase to 44.07% and Carlyle will maintain a significant interest in the company with its long duration private equity fund, Carlyle Global Partners, acquiring a 31.18% stake.

Closing is expected by year end, subject to certain required approvals.

TCW is a Los Angeles-based asset management firm that specializes in fixed-income, world equity and alternative markets.

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