Strong response for Jupiter

Just over a week after launch the £510m (€573.2m) debt package supporting the buyout backed by private equity firm TA Associates of British fund manager Jupiter is oversubscribed. MLAs are HSBC and RBS.

The facility is split between a £410m term eight-year term loan B, a £75m unsyndicated bridge and a £25m seven-year revolver. Syndication is being conducted on a bookbuild basis with price talk of 225bp over Libor on the B loan. There are no fees.

Ahead of launch, the leads invited a few relationship lenders leaving the loan almost fully subscribed by an investors’ meeting on May 24. Since then with around £600m raised the loan is oversubscribed with around 10 days left of syndication.

The buyout of Jupiter sees the management led by Edward Bonham Carter take around a 60% stake in the business, with TA Associates holding the balance. Leverage is relatively modest at 3.4x excluding the bridge. TA Associates has made ten previous investments in the asset management sector including Drive Assist, GlobeOp Financial Services, InterncontinentalExchange, ION Trading Group and SmartStream Technologies.