Marsico sets Nov. 7 launch for $1.225 billion credit facility, floats price talk

By Sara Rosenberg

New York, Oct. 31 - Marsico Capital Management LLC has firmed up timing on the launch of its proposed $1.225 billion credit facility with the scheduling of a bank meeting for Nov. 7 at 1:30 p.m. ET in New York, according to a market source.

In addition, pricing talk emerged, with both tranches under the facility talked at Libor plus 300 basis points, the source said.

Tranching is comprised of a $25 million revolver and a $1.2 billion term loan.

There will be an original issue discount on the term loan, but the level is still to be determined, the source added.

Goldman Sachs is the lead bank on the deal.

Proceeds will be used to help fund the buyout of the company by Thomas F. Marsico, founder and chief executive officer, from Bank of America.

Other buyout financing is coming from $1.35 billion of mezzanine financing that Goldman Sachs bought and syndicated to the market.

Marsico Capital Management is a Denver-based equity-oriented asset manager.

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