Mondrian gets lender OK on amendment to eliminate total leverage ratio

By Sara Rosenberg

New York, Feb. 8 - Mondrian Investment Partners Ltd. has received lender approval of an amendment to its existing first-lien credit facility that will remove the total leverage requirement, according to a market source.

In addition, the amendment will extend the 101 soft call protection until Dec. 31, 2012.

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.

The loan is currently sized at $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.

Lenders were offered a 100 bps amendment fee, the source added.

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

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