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Tortoise cuts spread on $262.5 million term loan to Libor plus 400 bps
By Sara Rosenberg
New York, Nov. 20 – Tortoise Investments LLC reduced pricing on its $262.5 million seven-year first-lien term loan (Ba2/BB-) to Libor plus 400 basis points from talk in the range of Libor plus 475 bps to 500 bps, according to a market source.
Furthermore, the original issue discount on the term loan was tightened to 99.5 from 99, the source said.
The term loan still has a 1% Libor floor and 101 soft call protection for six months.
UBS Investment Bank and Credit Suisse Securities (USA) LLC are the lead banks on the deal.
Proceeds will be used to help fund the acquisition of the company by Lovell Minnick Partners.
Closing is expected by the end of the first quarter of 2018, subject to standard regulatory, client and fund shareholder approvals.
Tortoise is a Leawood, Kan.-based provider of investment solutions and market insights.
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