Keeley launches $185 million credit facility at Libor plus 475 bps

By Sara Rosenberg

New York, May 29 - Keeley Holdings Inc. launched its $185 million five-year credit facility on Thursday with price talk of Libor plus 475 basis points, according to a market source.

Tranching on the deal is comprised of a $10 million revolver and a $175 million amortizing term loan.

The facility has a 3% Libor floor and is being offered to investors at an original issue discount that is in the 98 to 99 range, the source said.

Bank of Montreal and CIT are the lead banks on the deal, with Bank of Montreal the left lead.

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 asset under management.

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