Medley lifts spread on $100 million term loan to Libor plus 550 bps

By Sara Rosenberg

New York, Aug. 12 – Medley LLC raised pricing on its $100 million first-lien term loan to Libor plus 550 basis points from Libor plus 500 bps, according to a market source.

Also, the call protection was changed to non-callable for two years on 70% of the term loan and no call protection on 30%, from a 101 soft call for six months, and the maturity was shortened to 4¾ years from six years, the source said.

The term loan still has a 1% Libor floor, an original issue discount of 99 and a maximum total net leverage covenant.

Recommitments were due at 5 p.m. ET on Tuesday, the source added.

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

Proceeds will be used to refinance existing debt and fund a dividend.

Medley is a New York-based asset management firm.

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