Duff & Phelps launches $135 million tack-on term loan at 99¼ OID

By Sara Rosenberg

New York, Oct. 22 - Duff & Phelps Corp. launched with a call on Tuesday its $135 million first-lien covenant-light tack-on term loan due April 2020 with original issue discount talk of 991/4, according to a market source.

Pricing on the term loan is Libor plus 350 basis points with a 1% Libor floor, in line with the existing first-lien term loan.

The loan has 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC, Barclays, Goldman Sachs Bank USA and RBC Capital Markets are the lead banks on the deal, the source added.

Proceeds will be used to repurchase a portion of the company's tax receivable agreement and to fund a dividend to shareholders.

Commitments are due on Oct. 29.

Duff & Phelps is a New York-based financial advisory and investment banking firm.

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