Mondrian launches amendment to eliminate total leverage covenant

By Sara Rosenberg

New York, Feb. 1 - Mondrian Investment Partners Ltd. held a lender call at 11 a.m. ET on Wednesday to launch an amendment to its existing first-lien credit facility that would remove the total leverage requirement, according to a market source.

In addition, the amendment would extend the 101 soft call protection until Dec. 31, 2012, the source said.

Pricing on the loan will remain at Libor plus 425 basis points with a 1.25% Libor floor, and the current amortization structure will stay intact.

Currently, the size of the facility is $328 million as a result of amortization and voluntary repayments, versus $440 million at the time of issuance in July 2011.

Morgan Stanley & Co. Inc. is the lead arranger and bookrunner on the deal.

Mondrian is a money manager with offices in London and Philadelphia.

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