Secretariat to launch $220 million of first-lien loans on Wednesday

By Sara Rosenberg

New York, Nov. 29 – Secretariat International is set to hold a lender call at 10 a.m. ET on Wednesday to launch $220 million of first-lien term loan debt, according to a market source.

KeyBanc Capital Markets, Jefferies LLC and Bank of Ireland are the leads on the deal.

The debt consists of a $190 million seven-year first-lien term loan and a $30 million delayed-draw first-lien term loan, the source said.

The first-lien term loan has 101 soft call protection for six months and a leverage covenant.

The company is also getting a $70 million eight-year privately placed second-lien term loan.

Proceeds will be used to help fund the acquisition of the company by JLL Continuation Fund from another JLL fund and to refinance existing debt.

Secretariat is a specialty consulting firm providing independent advisory services and expert testimony to clients involved in disputes or litigation related to construction delays or damages.

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