Affiliated Managers closes $250 million five-year senior term loan

By Marisa Wong

Madison, Wis., April 21 - Affiliated Managers Group, Inc. entered into a $250 million five-year senior unsecured term loan facility with Bank of America, NA as administrative agent on April 15, according to an 8-K filing with the Securities and Exchange Commission.

The company may borrow up to an additional $100 million under the facility.

Interest is equal to Libor plus 112.5 basis points to 225 bps, depending on the company's debt rating.

The loans may be used for general corporate purposes, for additional investments in new or existing affiliates and to refinance debt under its existing revolving credit facility.

The facility contains financial covenants with respect to leverage and interest coverage for the trailing four fiscal quarters. Specifically, the ratio of consolidated EBITDA to consolidated interest expense as of the last day of any quarter is not to be less than 3.00 to 1.00, and the leverage ratio as of the last day of any quarter is not to exceed 3.00 to 1.00.

Bank of America Merrill Lynch, Bank of Tokyo-Mitsubishi UFJ, Ltd., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and RBS Citizens, NA are the joint bookrunners and joint lead arrangers. Bank of Tokyo-Mitsubishi, Citigroup Global Markets, JPMorgan Chase Bank, NA and RBS Citizens are the co-syndication agents.

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

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