Nuveen launches $2.465 billion facility with talk of Libor plus 300 bps

By Sara Rosenberg

New York, Oct. 17 - Nuveen Investments Inc. launched both tranches under its $2.465 billion senior secured credit facility with price talk of Libor plus 300 basis points on Wednesday, according to a market source.

The facility consists of a $250 million six-year revolver and a $2.215 billion seven-year first-lien term loan.

The term loan has 101 soft call protection for one year.

The term loan is being offered to investors with an original issue discount in the 98½ area, the source added.

Deutsche Bank and Wachovia are the joint lead arrangers on the deal, and Merrill Lynch and Morgan Stanley are co-lead arrangers. All four banks are bookrunners.

Proceeds will be used to help fund the leveraged buyout of the company by Madison Dearborn Partners, LLC for $65.00 per share in cash. The total transaction is valued at $6.3 billion, including existing debt of $550 million.

Nuveen is a Chicago-based provider of investment services.

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