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Russell Investments firms $1 billion term loan at Libor plus 275 bps
By Sara Rosenberg
New York, Jan. 31 – Russell Investments US Institutional Holdco set pricing on its $1,026,000,000 first-lien term loan B due June 2023 at Libor plus 275 basis points, the high end of the Libor plus 250 bps to 275 bps talk, according to a market source.
As before, the term loan has a 1% Libor floor, a par issue price and 101 soft call protection for six months.
Barclays is the bookrunner on the deal.
Allocations are expected on Monday, the source said.
Proceeds will be used to reprice an existing term loan B, which is being paid down by about $90 million to $1,026,000,000.
Russell is a Seattle-based asset manager.
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