Millennium launches $610 million term loan at Libor plus 475-500 bps

By Sara Rosenberg

New York, Feb. 12 – Millennium Trust Co. (Minotaur Acquisition Inc.) launched on Tuesday its $610 million seven-year covenant-light first-lien term loan (B2/B) with price talk of Libor plus 475 basis points to 500 bps with a 0% Libor floor and an original issue discount of 98, according to a market source.

The first-lien term loan has 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on Feb. 26.

The company’s $945 million of credit facilities also include a $90 million revolver (B2/B) and a $245 million privately placed second-lien term loan (Caa2/CCC).

Credit Suisse Securities (USA) LLC, Antares Capital, BNP Paribas Securities Corp., SunTrust Robinson Humphrey Inc. and Deutsche Bank Securities Inc. are the lead arrangers on the deal.

Proceeds will be used to help fund the buyout of the company by Abry Partners.

Parthenon Capital Partners will retain a minority stake in Millennium Trust.

Closing is subject to customary conditions and regulatory approvals.

Millennium Trust is an Oak Brook, Ill.-based provider of technology-enabled retirement services and institutional custody solutions.

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