Cowen finalizes $150 million incremental term loan B at 99 OID

By Sara Rosenberg

New York, Dec. 8 – Cowen Inc. set the original issue discount on its fungible $150 million senior secured incremental covenant-lite first-lien term loan B due March 24, 2028 (B1/BB-) at 99, the tight end of the 98.56 to 99 talk, according to a market source.

Pricing on the incremental term loan is Libor plus 325 basis points with a 0.75% Libor floor.

The incremental and existing term loans are getting 101 soft call protection for six months.

Amortization on the incremental term loan is 1% per annum.

Morgan Stanley Senior Funding Inc. is the bookrunner on the deal.

Proceeds will be used to help fund the acquisition of Portico Capital Advisors and for general corporate purposes.

Closing is expected on Dec. 15.

Pro forma for the transaction, the first-lien term loan will total $447.75 million.

Cowen is a New York-based diversified financial services firm. Portico Capital is a provider of strategic and financial advisory services.

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