HarbourVest Partners downsizes to $400 million, ups spread to Libor plus 475 basis points

By Sara Rosenberg

New York, Dec. 1 - HarbourVest Partners LLC reduced its term loan to $400 million from $550 million and increased pricing to Libor plus 475 basis points from Libor plus 425 bps, according to a market source.

In addition, the loan now has 10% amortization per year and a 100% excess cash flow sweep, the source remarked.

As before, the loan includes a 1.5% Libor floor and is being offered at an original issue discount of 99.

Credit Suisse is the lead bank on the deal.

Proceeds will be used for a recapitalization.

HarbourVest is a Boston-based investment firm that provides private equity services to institutional clients.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.