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Grosvenor firms $466 million term loan B at Libor plus 275 bps
By Sara Rosenberg
New York, March 28 – Grosvenor Capital Management finalized pricing on its $466 million senior secured term loan B due March 2025 at Libor plus 275 basis points, the low end of the Libor plus 275 bps to 300 bps talk, according to a market source.
Also, the original issue discount on the term loan was revised to 99.75 from 99.5, the source said.
The term loan still has a 1% Libor floor and 101 soft call protection for six months.
Goldman Sachs Bank USA and UBS Investment Bank are the lead banks on the deal.
Recommitments were scheduled to be due at noon ET on Wednesday, the source added.
Proceeds will be used to amend and extend an existing term loan B due August 2023 that is priced at Libor plus 300 bps with a 1% Libor floor.
Grosvenor Capital is a Chicago-based independent alternative asset management firm.
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