HighTower firms $750 million of term loans at Libor plus 400 bps

By Sara Rosenberg

New York, April 16 – HighTower Holding LLC set pricing on its $600 million seven-year term loan B and $150 million delayed-draw term loan at Libor plus 400 basis points, the low end of the Libor plus 400 bps to 425 bps talk, according to a market source.

In addition, the availability period for the delayed-draw term loan was shortened to 12 months from 18 months, and the ticking fee was changed to half the spread from days 31 to 60 and the full spread thereafter from half the spread from days 61 to 120 and the full spread thereafter, the source said.

The term loan debt has a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

JPMorgan Chase Bank is the lead on the deal (B2/B-).

Recommitments were scheduled to be due at 11 a.m. ET on Friday, the source added.

Proceeds will be used with $300 million of senior notes to repay existing loan borrowings and for general corporate purposes.

HighTower, a Thomas H. Lee Partners portfolio company, is a Chicago-based registered investment adviser that owns and provides a suite of mission critical services to independent advisory practices.

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