Affiliated Managers closes $385 million term loan due May 2021

By Wendy Van Sickle

Columbus, Ohio, March 8 – Affiliated Managers Group, Inc. entered into a $385 million senior unsecured term loan facility with Bank of America, NA as lead arranger and administrative agent on Thursday, according to an 8-K filing with the Securities and Exchange Commission.

The company may borrow up to an additional $65 million under the facility, which matures on May 31, 2021.

Interest is equal to Libor plus 75 basis points to 125 bps, depending on the company’s debt rating.

All proceeds were used to fully repay the $385 million loan under the company’s existing senior unsecured term loan credit facility.

The commercial terms of the existing term loan other than the interest rate and maturity date were not changed.

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

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