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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
Morgan Stanley Arranges $450MM Debt Refi for Virtus Investment Partners
Wednesday, September 29, 2021
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Lenders/Participants
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Morgan Stanley [Lead Arranger, Bookrunner]
Barclays Bank [Joint Lead Arranger, Syndication Agent, Joint Bookrunner]
RBC Capital Markets [Joint Lead Arranger, Syndication Agent, Joint Bookrunner]
Bank of America [Joint Lead Arranger, Joint Bookrunner]
JP Morgan [Joint Lead Arranger, Joint Bookrunner]
The Bank of New York Mellon [Documentation Agent]
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Structure
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$275MM Term Loan; $175MM Revolver
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Amount
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$450.000
Million
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Borrower(s)
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Virtus Investment Partners
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Description
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Refinancing of its existing credit agreement with a new $275 million senior secured term loan and $175 million revolving credit facility. The refinancing extends the company's debt maturity profile and provides improved terms. The new $275 million term loan has a scheduled maturity in 2028 and bears interest at a rate of LIBOR plus 225 basis points, with no LIBOR floor rate. The previous term loan had a rate of LIBOR plus 225 to 250 basis points, depending on net leverage levels, and a LIBOR floor of 75 basis points. Proceeds will be used to repay the company's existing $194 million term loan, as well as for general corporate purposes. The new credit line, which bears interest at the same rate as the term loan, provides up to $175 million of borrowing capacity through 2026 and replaces a $100 million revolving credit facility.
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Industry
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Investment Financing
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| Related Tags |
Bank of Amercia, Barclays, JP Morgan, Morgan Stanley, RBC Capital Markets
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ABL Advisor
Deal Tables
2025
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