Hamilton Lane Advisors and Aristotle loans free up in quiet pre-holiday trading market

By Sara Rosenberg

New York, July 2 – Hamilton Lane Advisors LLC’s term loan made its way into the secondary market on Thursday, with the debt seen trading above its original issue discount, and Aristotle Corp.’s credit facility broke as well.

Hamilton Lane breaks

Hamilton Lane’s $260 million seven-year senior secured term loan B began trading on Thursday, with levels quoted at 100 5/8 bid, 101 1/8 offered, according to a trader.

Pricing on the term loan is Libor plus 350 basis points with a 0.75% Libor floor, and it was sold at an original issue discount of 99.75, after tightening the other day from talk of 99 to 99.5. The debt has 101 soft call protection for six months.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to fund the buyback of equity interests, to refinance existing debt, to fund a distribution to equity holders and for general corporate purposes.

Closing is expected on July 9.

Hamilton Lane is a financial institution that provides discretionary and non-discretionary private equity asset management services.

Aristotle hits secondary

Another deal to free up for trading was Aristotle, with its $130 million six-year term loan seen at 99˝ bid, 100˝ offered, a trader remarked.

The term loan is priced at Libor plus 450 bps with a step-down to Libor plus 425 bps based on leverage and a 1% Libor floor. The debt was issued at 99.5 and includes 101 soft call protection for six months.

During syndication, pricing on the term loan was reduced from Libor plus 475 bps, the step-down was added and the discount was modified from 99.

The company’s $160 million credit facility also provides for a $30 million five-year revolver.

BNP Paribas Securities Corp. and GE Capital Markets are leading the deal was used to help fund the buyout of the company by Wasserstein & Co.

The credit facility funded and closed this past Tuesday.

Aristotle is a Stamford, Conn.-based manufacturer and marketer of educational, health care, medical technology and agricultural products.

Anchor Glass closes

In other news, Anchor Glass Container Corp. completed its $465 million seven-year first-lien covenant-light term loan (B3/BB-), according to a news release.

The term loan is priced at Libor plus 350 bps with a step-down to Libor plus 325 bps and a 1% Libor floor. The debt was sold at an original issue discount of 99.5 and has 101 soft call protection for six months.

During syndication, the spread on the term loan was lowered from Libor plus 375 bps, the step-down was added, and the discount was modified from 99.

Credit Suisse Securities and Barclays led the deal that was used to refinance existing debt and fund a $150 million shareholder distribution.

Anchor Glass is a Tampa, Fla.-based manufacturer of glass packaging products.

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