Tortoise ups add-on term loan to $40 million, revises issue price

By Sara Rosenberg

New York, Sept. 27 – Tortoise Investments LLC upsized its fungible add-on first-lien term loan to $40 million from $30 million and changed the issue price to par from 99.75, according to a market source.

Pricing on the add-on term loan and on the repricing of the company’s existing $261.8 million first-lien term loan remained at Libor plus 350 basis points with a 1% Libor floor.

The repricing is still offered at par.

Included in the term loan debt is 101 soft call protection for six months.

UBS Investment Bank and Credit Suisse Securities (USA) LLC are the lead banks on the deal.

Recommitments were due at noon ET on Thursday, the source added.

Proceeds from the add-on will be used for strategic initiatives, and the repricing will take the existing term loan down from Libor plus 400 bps with a 1% Libor floor.

Tortoise is a Leawood, Kan.-based provider of investment solutions and market insights.

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