Tortoise Investments launches $30 million add-on term loan, repricing

By Sara Rosenberg

New York, Sept. 20 – Tortoise Investments LLC held a lender call at 2 p.m. ET on Thursday to launch a fungible $30 million add-on first-lien term loan and a repricing of its existing $261.8 million first-lien term loan, according to a market source.

Price talk on the term loan debt is Libor plus 350 basis points with a 1% Libor floor, the source said.

The add-on is talked with an original issue discount of 99.75, and the repricing is offered at par.

Included in the term loan debt is 101 soft call protection for six months.

UBS Investment Bank and Credit Suisse Securities (USA) LLC are the lead banks on the deal.

Commitments are due at noon ET on Sept. 27, the source added.

Proceeds from the add-on will be used for strategic initiatives, and the repricing will take the existing term loan down from Libor plus 400 bps with a 1% Libor floor.

Tortoise is a Leawood, Kan.-based provider of investment solutions and market insights.

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