Guggenheim Partners launches $700 million term loan to investors

By Sara Rosenberg

New York, July 9 - Guggenheim Partners Investment Management Holdings LLC held a bank meeting at 2 p.m. ET on Tuesday to launch a $700 million seven-year covenant-light term loan B, according to sources.

Bank of America Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, RBC Capital Markets and Fifth Third Securities Inc. are the lead banks on the deal.

The term loan is talked at Libor plus 350 basis points with a 1% Libor floor and an original issue discount of 99, sources said.

There is 101 soft call protection for one year on the term loans and amortization is 1% per annum.

Proceeds will be used to refinance existing debt, to fund a distribution to parent company Guggenheim Partners LLC and for general corporate purposes.

Guggenheim Partners is a financial services firm with headquarters in New York and Chicago.

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