Franklin Square lifts term loan B to $500 million, trims pricing

By Sara Rosenberg

New York, July 27 – Franklin Square Holdings upsized its seven-year term loan B to $500 million from $450 million and reduced pricing to Libor plus 250 basis points from talk in the range of Libor plus 275 bps to 300 bps, according to a market source.

The loan includes 50 bps MFN for life, the source said.

The term loan B still has a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to refinance an existing term loan A and for general corporate purposes.

Franklin Square is a Philadelphia-based investment company.

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