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Affiliated Managers closes on $1.65 billion revolving, term loan debt
By Wendy Van Sickle
Columbus, Ohio, Sept. 22 – Affiliated Managers Group, Inc. closed on $1.65 billion in revolving and term loan facilities on Tuesday, according to an 8-K filed with the Securities and Exchange Commission.
The debt consists of a $1.3 billion five-year senior unsecured multicurrency revolver and a $350 million five-year senior unsecured term loan.
Merrill Lynch, Pierce, Fenner & Smith Inc., Citizens Bank, NA and the Bank of Tokyo-Mitsubishi UFJ, Ltd., acted as joint book runners; they were joined as joint lead arrangers by Citigroup Global Markets Inc., Royal Bank of Canada and Wells Fargo Bank, NA.
Bank of America NA acted as administrative agent, Citizens Bank, NA and the Bank of Tokyo-Mitsubishi UFJ, Ltd. as co-syndication agents, and Citigroup Global Markets Inc., Royal Bank of Canada and Wells Fargo Bank, NA as co-documentation agents.
Borrowings under the revolver and the term loan bear interest at Libor plus 87.5 basis points to 175 bps, depending on debt rating. The revolver has a commitment fee of 10 bps to 30 bps, also depending on debt rating.
The revolver has a $150 million letter of credit subfacility and a $100 million swingline subfacility.
The credit facilities mature on Sept. 30, 2020 and contain financial covenants with respect to leverage and interest coverage.
A portion of the availability was used to refinance debt under Affiliated Managers’ existing $1.25 billion revolving credit facility dated April 30, 2013 and $250 million senior unsecured term loan credit facility dated April 15, 2014. Both of those facilities were terminated.
Remaining proceeds may be used for general corporate purposes, including investments in new and existing affiliates, share repurchases and redemption of the company’s 5.25% senior notes due 2022, according to the filing.
Affiliated Managers is a Prides Crossing, Mass.-based asset management company.
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