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Salient Partners talks $160 million term loan at Libor plus 500 bps
By Sara Rosenberg
New York, May 5 – Salient Partners LP is talking its $160 million term loan at Libor plus 500 basis points with a 1% Libor floor and an original issue discount of 99 ahead of its Wednesday bank meeting, according to a market source.
The company’s $175 million credit facility (BB-) also includes a $15 million revolver.
Macquarie Capital (USA) Inc. is the lead arranger and bookrunner on the deal.
Proceeds will be used to refinance existing debt and fund the acquisition of Forward Management LLC, a San Francisco-based asset management firm.
Closing is expected this quarter, subject to approval by Forward Funds’ shareholders and customary conditions.
Salient, a Summit Partners portfolio company, is a Houston-based investment management firm.
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