Osaic launches $500 million incremental term loan at 99.25-99.5

By Paul A. Harris

Portland, Ore., Feb. 15 – Osaic Holdings Inc. talked its fungible $500 million incremental first-lien term loan due August 2028 (B1/B/B+) at 99.25 to 99.5, according to a market source.

The deal features a 450 basis points spread to SOFR with no floor, in line with existing term loan B pricing.

Commitments are due at 10 a.m. ET on Feb. 23.

UBS Investment Bank is the left lead arranger on the deal and the administrative agent.

Proceeds will be used with a $110 million equity contribution to fund the acquisition of Lincoln Financial Group’s wealth management business.

Pro forma leverage is around 4.6x.

Closing is expected in the first half of this year, subject to customary conditions, including regulatory approvals.

Osaic, a portfolio company of Reverence Capital Partners, is a provider of wealth management solutions.

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