Ascensus readies launch of $850 million of term loans for Wednesday

By Sara Rosenberg

New York, Nov. 9 – Ascensus is scheduled to hold a lender call at 9:30 a.m. ET on Wednesday to launch $850 million of term loans, according to a market source.

Goldman Sachs Bank USA, Stone Point and KKR Capital Markets LLC are the lead arrangers on the deal.

The debt consists of a $750 million incremental first-lien term loan B and a $100 million incremental second-lien term loan, the source said.

Proceeds will be used to help fund the acquisition of Newport Group.

Closing is expected in the first quarter of 2022, subject to regulatory approvals and other customary conditions.

Ascensus is a Dresher, Pa.-based tech-enabled solutions provider focused on recordkeeping and administration in the U.S. tax advantages savings market. Newport Group is a Walnut Creek, Calif.-based retirement services provider.

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