Orion Advisor launches $100 million incremental term loan, repricing

By Sara Rosenberg

New York, March 16 – Orion Advisor Solutions (GT Polaris Inc.) launched on its call on Tuesday a fungible $100 million covenant-lite incremental first-lien term loan due September 2027 and a repricing of its existing $748 million covenant-lite first-lien term loan due September 2027, according to a market source.

Price talk on the term loan debt is Libor plus 375 basis points with a 0.75% Libor floor, the source said. The incremental term loan is talked with an original issue discount of 99.75, and the repricing is offered at par.

The term loan debt is getting 101 soft call protection for six months.

Expected term loan ratings are B2/B/BB-.

Credit Suisse Securities (USA) LLC is the lead arranger on the deal.

Commitments are due at noon ET on Friday, the source added.

Proceeds from the incremental term loan will be used to fund tuck-in mergers and acquisitions, and the repricing will take the existing term loan down from Libor plus 400 bps with a 1% Libor floor.

Orion is a provider of a tech-enabled fiduciary solutions that support financial advisers.

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