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Affiliated Managers gets $750 million revolver, $250 million term loan
By Aleesia Forni
Columbus, Ohio, Nov. 4 - Affiliated Managers Group, Inc. entered into a $1 billion senior unsecured credit facility, which includes a $750 million revolving facility and a $250 million term loan, according to an 8-K filing with the Securities and Exchange Commission.
Pricing on the facility is based on the company's debt rating and ranges from 150 basis points to 325 bps.
The revolver has commitment fees ranging from 35 bps to 75 bps.
The new revolving facility amends and restates the company's existing revolving credit facility.
Both the term loan and $720 million of the revolver have a five-year maturity, while the remaining $30 million of the revolver matures on Jan. 12, 2015.
The company has the option to increase the revolver by $150 million and the term loan by $250 million, subject to certain conditions.
Beginning in December 2014, the company must make scheduled quarterly payments under the term loan of 6.25% of the original $250 million plus the amount of incremental term loans made after the closing date.
For both the revolver and the term loan, Bank of America Merrill Lynch is lead arranger and book manager, while Bank of America NA is administrative agent.
For the revolver, Citibank NA, Deutsche Bank Securities Inc., RBS Citizens NA and JPMorgan Chase Bank NA are co-syndication agents.
For the term loan, Deutsche Bank Securities Inc., the Bank of Nova Scotia, RBS Citizens NA and Wells Fargo Bank NA are co-syndication agents, and the Northern Trust Co. and Union Bank NA are managing agents.
The company closed on the facilities on Nov. 3.
Affiliated Managers is a Prides Crossing Mass.-based asset management company.
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