Russell talks $996 million term loan at Libor plus 300-325 bps

By Sara Rosenberg

New York, Oct. 8 – Russell Investment Management LLC launched on Thursday its $996 million senior secured first-lien term loan due May 30, 2025 with price talk of Libor plus 300 basis points to 325 bps with a 1% Libor floor and an original issue discount/extension fee of 99.5/50 bps, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Barclays is the lead on the deal.

Commitments are due at noon ET on Oct. 15, the source added.

Proceeds will be used to amend and extend by two years the maturity of an existing $996 million term loan due 2023 that is priced at Libor plus 275 bps with a 1% Libor floor.

Russell is a Seattle-based asset manager.

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