Guggenheim Partners flexes $700 million term B to Libor plus 325 bps

By Sara Rosenberg

New York, July 17 - Guggenheim Partners Investment Management Holdings LLC reduced pricing on its $700 million seven-year covenant-light term loan B to Libor plus 325 basis points from talk of Libor plus 350 bps, according to sources.

Also, a step-down was added to Libor plus 300 bps when total leverage is 2½ times, and the original issue discount was revised to 99¾ from 99, sources said.

The loan still has a 1% Libor floor and 101 soft call protection for one year.

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.

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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