Orion Advisor shifts funds between first- and second-lien term loans

By Sara Rosenberg

New York, Aug. 4 – Orion Advisor Solutions (GT Polaris Inc.) upsized its seven-year covenant-lite first-lien term loan to $750 million from $700 million and downsized its privately placed second-lien term loan to $230 million from $280 million, according to a market source.

Also, pricing on the first-lien term loan was reduced to Libor plus 400 basis points from talk in the range of Libor plus 425 bps to 450 bps and the original issue discount was tightened to 99 from 98, the source said.

The first-lien term loan still has a 1% Libor floor and 101 soft call protection for six months.

The company’s $1.06 billion of credit facilities also include an $80 million revolver.

Credit Suisse Securities (USA) LLC, UBS Investment Bank, BMO Capital Markets, Citizens, Evolution and SunTrust Robinson Humphrey Inc. are the lead arrangers on the deal.

Recommitments were scheduled to be due at noon ET on Tuesday, the source added.

Proceeds will be used to help fund the acquisitions of Orion and Brinker Capital by Genstar Capital and Orion’s existing financial partner, TA Associates.

Orion is a provider of a tech-enabled fiduciary framework. Brinker is an investment management company.

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