Medley readies launch of $115 million credit facility on Wednesday

By Sara Rosenberg

New York, July 29 – Medley LLC is scheduled to hold a conference call at noon ET on Wednesday to launch a $115 million credit facility, according to a market source.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

The facility consists of a $15 million revolver and a $100 million six-year first-lien term loan, the source said.

Price talk on the term loan is Libor plus 500 basis points with a 1% Libor floor and an original issue discount of 99, the source continued.

The term loan has 101 soft call protection for six months and a maximum total net leverage covenant.

Proceeds will be used to refinance existing debt and fund a dividend.

Commitments are due on Aug. 8, the source added.

Medley is a New York-based asset management firm.

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