Nuveen flexes $2.56 billion first-lien term loan to Libor plus 400 bps

By Sara Rosenberg

New York, April 23 - Nuveen Investments raised pricing on its $2.56 billion first-lien term loan due May 2017 to Libor plus 400 basis points from Libor plus 375 bps, according to a market source.

Furthermore, the company added a step-down to Libor plus 375 bps when first-lien net leverage is at 4 times, the source said.

The first-lien loan still has no Libor floor, a par offer price and 101 soft call protection for six months.

The company is also getting a $500 million second-lien term loan due February 2019 that is priced at Libor plus 525 bps with a 1.25% Libor floor and a par offer price, and has 101 hard call protection for one year.

Deutsche Bank Securities Inc. and Bank of America Merrill Lynch are the lead banks on the $3.06 billion deal.

Proceeds will be used to reprice/refinance existing first- and second-lien term loans.

Nuveen is a Chicago-based provider of investment services to institutions as well as individual investors.

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