Trian Fund unit inks up to $100 million revolver for three years

By Rebecca Melvin

Concord, N.H., March 29 – Trian Investors 1 LP, a subsidiary of Trian Fund Management LP, completed a three-year revolving credit facility for up to $100 million with Bank of America NA London Branch on Tuesday, according to a company release.

Interest on the facility will be charged at a rate of SOFR plus 135 basis points per year.

There is a commitment fee on undrawn amounts of 40 bps per year.

In connection with establishing the new facility, the investment partnership terminated a prior credit facility with UBS Bank USA and is re-pledging its shares of Ferguson plc to the new facility as collateral.

Proceeds of the borrowings will be used for general corporate purposes, including borrowing to fund strategic investment opportunities, which the investment manager believes have potential to enhance the company’s returns on its equity.

The asset manager is based in New York.

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