Institutional Shareholder Services shifts funds between term loans

By Sara Rosenberg

New York, March 4 – Institutional Shareholder Services Inc. upsized its seven-year first-lien term loan to $505 million from $495 million and downsized its eight-year second-lien term loan to $190 million from $200 million, according to a market source.

Pricing on the first-lien term loan remained at Libor plus 450 basis points with a 25 bps step-down when net first-lien leverage is less than 4.5 times, a 0% Libor floor and an original issue discount of 99.

The first-lien term loan has 101 soft call protection for six months.

The second-lien term loan ended up being privately placed by the sponsor, the source said. At launch, the second-lien term loan had been talked at Libor plus 850 bps with a 0% Libor floor, a discount of 98 to 98.5 and hard call protection of 102 in year one and 101 in year two.

The company’s $735 million of credit facilities also include a $40 million five-year revolver.

Antares Capital and Golub Capital are the joint lead arrangers on the deal.

Proceeds will be used to refinance existing debt and finance the acquisition of Strategic Insights.

Institutional Shareholder was acquired by Genstar Capital in October 2017 and Strategic Insights was acquired by Genstar in June 2014.

Institutional Shareholder is a Rockville, Md.-based provider of corporate governance and responsible investment solutions to financial market participants. Strategic Insights is a New York-based provider of critical and proprietary data, business, intelligence, research and marketing services to the asset management community.

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