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Russell to launch $407 million incremental term loan on Thursday
By Sara Rosenberg
New York, April 7 – Russell Investments US Institutional Holdco Inc. will hold a lender call at 1 p.m. ET on Thursday to launch a fungible roughly $407 million senior secured incremental first-lien term loan B due May 2025, according to a market source.
Barclays, Macquarie Capital (USA) Inc. and Credit Suisse Securities (USA) LLC are the bookrunners on the deal. Barclays is the administrative agent.
The incremental term loan has a 1% Libor floor and 101 soft call protection for six months, the source said.
Commitments are due at noon ET on April 15.
Proceeds will be used to refinance an existing term loan due 2023 and fund a one-time distribution to shareholders.
Russell is a Seattle-based asset manager.
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