Osaic ups incremental loan to $575 million, to reprice $1.75 billion existing loan

By Paul A. Harris

Portland, Ore., Feb. 21 – Osaic Holdings Inc. upsized its fungible incremental first-lien term loan due August 2028 (B1/B/B+) to $575 million from $500 million, according to a market source.

In addition to the upsizing, the company will reprice the existing $1,747,500,000 first-lien term loan, bringing the pro forma tranche size to $2,322,500,000.

Final talk is SOFR plus 400 basis points, down from SOFR from 450 bps, with no floor.

Price talk is 99.5 for new money and 99.75 to par for existing lenders.

There will be six months of soft call protection at 101.

Commitments are due at 10 a.m. ET on Thursday.

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.

Size changes do not impact the equity contribution of the ratings.

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

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