Mondrian launches $83 million add-on, repricing at Libor plus 275 bps

By Sara Rosenberg

New York, Feb. 21 - Mondrian Investment Partners Ltd. launched its $83 million add-on term loan B and repricing of its existing $222 million term loan B on Thursday with price talk of Libor plus 275 basis points with a 1% Libor floor, according to a market source.

The add-on is talked with an offer price of 99¾ to par, the source said.

In addition, existing lenders are being offered a 10 bps consent fee on rolled money.

The entire $305 million senior secured term loan B due March 2020 has 101 soft call protection for six months.

Morgan Stanley Senior Funding Inc. is the lead arranger and bookrunner on the deal.

Proceeds from the add-on will be used for seed capital and to fund distributions to retirees and employee funders of the 2004 management buyout.

The repricing is taking the existing term loan debt down from Libor plus 425 bps with a 1.25% Libor floor, and the maturity is being extended from July 2018.

Expected ratings on the loan are Ba2/BB.

Commitments are due at noon ET on Feb. 28 and closing is expected to occur on March 7, the source added.

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

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