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Victory Capital Completes Syndication of $505MM Term Loan to Fund WestEnd Advisors Acquisition

November 23, 2021, 07:14 AM
Filed Under: Investment Financing

Victory Capital Holdings successfully completed the syndication of a $505 million Incremental Term Loan Facility to fund the acquisition of WestEnd Advisors. The Incremental Facility will bear interest at a rate per annum equal to LIBOR, subject to a 50-basis point floor, plus a margin of 225 basis points, and will mature in 2028.

BofA Securities, Royal Bank of Canada, and Barclays Bank PLC acted as the Incremental Facility’s joint lead arrangers.

"The successful syndication of the term loan is a testament to the confidence our debt investors have in our long-term value creation strategy," said David Brown, Chairman and Chief Executive Officer. "We appreciate their support in providing financing for strategic and accretive growth opportunities. The interest rate spread on this Incremental Facility is the same as our 2019 term loan after it was re-priced twice, reducing its spread by 100 basis points, to 225 basis points over LIBOR."

The acquisition of WestEnd Advisors and the funding of the Incremental Facility are expected to occur by the end of this year, subject to customary approvals, conditions and consents.

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