Russell talks $407 million incremental loan at Libor plus 325 bps

By Sara Rosenberg

New York, April 8 – Russell Investments US Institutional Holdco Inc. launched on Thursday its fungible roughly $407 million senior secured incremental first-lien term loan B (Ba2) due May 2025 with price talk of Libor plus 325 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.

The incremental term loan has 101 soft call protection for six months.

Barclays, Macquarie Capital (USA) Inc. and Credit Suisse Securities (USA) LLC are the bookrunners on the deal. Barclays is the administrative agent.

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.

With this transaction, pricing on the company’s existing term loan due May 2025 will be revised to Libor plus 325 bps from Libor plus 300 bps to match the incremental pricing.

Russell is a Seattle-based asset manager.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.