Salient ups talk on $160 million term loan to Libor plus 600-650 bps

By Sara Rosenberg

New York, May 21 – Salient Partners LP widened price talk on its $160 million term loan to Libor plus 600 basis points to 650 bps from Libor plus 500 bps, according to a market source.

In addition, the original issue discount on the term loan was revised to 98 from 99, the source said.

The term loan still has a 1% Libor floor and 101 soft call protection for six months.

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.

Commitments are due at 5 p.m. ET on Wednesday, the source added.

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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