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Keeley to launch $185 million credit facility on May 29
By Sara Rosenberg
New York, May 22 - Keeley Holdings Inc. is scheduled to hold a bank meeting on the afternoon of May 29 in New York to launch its proposed $185 million five-year credit facility, according to a market source.
Bank of Montreal and CIT are the lead banks on the deal, with Bank of Montreal the left lead.
The facility consists of a $10 million revolver and a $175 million amortizing term loan, the source said.
The term loan has a 75% excess cash flow sweep.
Opening senior leverage is in the low 2s.
Proceeds will be used to help fund TA Associates' purchase of a minority interest in the company.
Keeley is a Chicago-based investment manager that has about $9 billion in assets under management.
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