Russell extended term loan sized at about $880 million; pricing firms

By Sara Rosenberg

New York, Oct. 20 – Russell Investment Management LLC downsized its extended senior secured first-lien term loan due May 30, 2025 to roughly $880 million from $996 million and finalized pricing at Libor plus 300 basis points, the low end of the Libor plus 300 bps to 325 bps talk, according to a market source.

As before, the term loan has a 1% Libor floor, an original issue discount/extension fee of 99.5/50 bps and 101 soft call protection for six months.

Barclays is the lead on the deal.

Allocations went out on Tuesday, the source added.

Proceeds will be used to amend and extend by two years the maturity of an existing term loan due 2023 that is priced at Libor plus 275 bps with a 1% Libor floor.

Russell is a Seattle-based asset manager.

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