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Gartmore to launch £310 million credit facility
By Sara Rosenberg
New York, Aug. 31 - Gartmore Investment Management plc is scheduled to hold a bank meeting in London on Tuesday and a bank meeting in New York on Wednesday to launch its proposed £310 million credit facility (Ba2/BB+), according to a market source.
Goldman Sachs and HSBC are the lead banks on the deal.
The facility consists of a £300 million seven-year term loan talked at Libor plus 250 basis points and a £10 million seven-year revolver talked at Libor plus 225 bps, the source said.
Of the total facility amount, about 60% is expected to be euro denominated and about 40% is expected to dollar denominated, the source added.
Proceeds from the deal will be used to help fund the acquisition of Gartmore by Hellman & Friedman LLC from Nationwide Mutual Insurance Co.
Gartmore is a London-based asset manager.
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