Russell trims incremental term loan to $382 million, raises pricing

By Sara Rosenberg

New York, April 16 – Russell Investments US Institutional Holdco Inc. downsized its fungible senior secured incremental first-lien term loan B due May 2025 to $382 million from $407 million and increased pricing to Libor plus 350 basis points from Libor plus 325 bps, according to a market source.

As before, the incremental term loan has a 1% Libor floor, an original issue discount of 99 and 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 Monday, the source added.

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 350 bps from Libor plus 300 bps to match the incremental pricing.

Russell is a Seattle-based asset manager.

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