Grosvenor launches $415 million extended term B at Libor plus 300 bps

By Sara Rosenberg

New York, Aug. 1 – Grosvenor Capital Management Holdings LLLP revealed with its lender call on Monday that its proposed $415 million term loan B maturity extension to August 2023 from January 2021 is being offered at pricing of Libor plus 300 basis points with a 1% Libor floor, according to a market source.

Currently, the term loan B is priced at Libor plus 275 bps with a 1% Libor floor.

The extended term loan B will have 101 soft call protection for six months, the source said.

There is a 25 bps upfront fee on any extended or new lender.

Along with the term loan B extension, the company is asking to extend its $50 million revolver to August 2021 from 2019.

Goldman Sachs Bank USA is the lead bank on the deal.

Commitments/signature pages are due at 4 p.m. ET on Aug. 9, the source added.

Grosvenor Capital is a Chicago-based independent alternative asset management firm.

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