Resolute Investment talks $275 million add-on term loan at 99.5 OID

By Sara Rosenberg

New York, July 12 – Resolute Investment Managers launched on Monday its fungible $275 million add-on first-lien term loan B (Ba3/B+) due April 2024 with original issue discount talk of 99.5, according to a market source.

Price talk on the add-on term loan is Libor plus 425 basis points with a 1% Libor floor.

The add-on term loan has a maximum total net leverage covenant.

RBC Capital Markets, Barclays and BMO Capital Markets are the lead arrangers on the deal.

Commitments are due at noon ET on July 22, the source added.

Proceeds will be used fund a dividend to shareholders.

In connection with this transaction, the company will increase pricing on its existing $378 million term loan B to Libor plus 425 bps with a 1% Libor floor from Libor plus 375 bps with a 1% Libor floor.

Also, second-lien consenting lenders will get a 12.5 bps amendment fee to allow for the onetime restricted payment.

Resolute Investment, a Kelso & Co. portfolio company, is an Irving, Tex.-based diversified asset management platform that partners with investment managers on both an affiliated and unaffiliated basis.

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