Sherman Financial $500 million term loan B to launch Monday

By Sara Rosenberg

New York, Sept. 21 - Sherman Financial Group LLC is scheduled to hold a bank meeting on Monday to launch its proposed $500 million term loan B, according to a market source.

JPMorgan is the lead arranger and bookrunner on the deal, with Morgan Stanley acting as documentation agent and Deutsche Bank acting as syndication agent.

The term loan B is talked at Libor plus 175 basis points with 101 call protection in year one, the source said.

Proceeds will be used to refinance outstanding borrowings under the company's warehouse line.

Sherman Financial is a provider of debt recovery services for financial institutions, credit card companies, retailers and others.

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