Affiliated Managers Group arranges $1.25 billion five-year revolver

By Toni Weeks

San Luis Obispo, Calif., April 30 - Affiliated Managers Group, Inc. refinanced its existing credit facility with a $1.25 billion five-year senior secured revolving credit facility with Bank of America, NA as administrative agent and swingline lender, according to an 8-K filing with the Securities and Exchange Commission.

The facility contains an accordion feature that allows further borrowings of up to $500 million.

The interest rate is Libor plus 125 basis points to 300 bps, with the actual margin based on the company's debt rating. The commitment fee ranges from 20 bps to 62.5 bps, also based on debt ratings.

The credit facility contains financial covenants with respect to leverage and interest coverage and customary affirmative and negative covenants, including limitations on priority indebtedness, liens, cash dividends, asset dispositions and fundamental corporate changes as well as some customary events of default.

BofA Merrill Lynch, RBS Citizens, NA and Bank of Tokyo-Mitsubishi UFJ, Ltd. are the joint bookrunners and joint lead arrangers for the facility. Citigroup Global Markets Inc., Deutsche Bank Securities Inc., RBC Capital Markets, Bank of Nova Scotia and Wells Fargo Securities, LLC are additional joint lead arrangers.

RBS Citizens and Bank of Tokyo-Mitsubishi are co-syndication agents. Citibank, NA, Deutsche Bank Securities, Royal Bank of Canada, Bank of Nova Scotia and Wells Fargo Bank, NA are co-documentation agents.

Affiliated Managers is a Prides Crossing, Mass.-based asset management company.

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