Greenhill upsizes term loan to $350 million, cuts spread by 25 bps, trims discount

By Paul A. Harris

Portland, Ore., Oct. 5 – Greenhill & Co. Inc. upsized its five-year first-lien term loan B to $350 million from $300 million and cut the spread to Libor to 375 basis points from 400 bps, according to a market source.

The repricing comes with a trim in the discount to 99.5 from 99.

The 1% Libor floor, 101 soft call protection for 18 months and amortization of 5% in year one and 10% in years two, three, four and five, are all unchanged.

Commitments were due on Thursday.

The credit facilities (Ba2/BB) also include a $20 million three-year revolver.

Goldman Sachs Bank USA is the lead bank on the deal.

Proceeds will be used with equity sale proceeds to repay all existing debt and repurchase up to $235 million of common stock.

Greenhill is a New York-based independent investment bank.

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