Private equity deals have been in the news all summer, and Nuveen's
] from a few years ago is back in the spotlight.
Nuveen CEO John Amboian and COO Glenn Richter are looking to sell $1.145 billion in bonds and to obtain a $435 million loan, according to a Bloomberg report
Effectively, the loan will refinance the loan the firm took on during their LBO by Madison Dearborn Partners LLC
in 2007 [see MFWire
]. Their previous loan was at 10.5 percent and due in November 2015, while the new loan will be due in May 2017 and paid at LIBOR plus 5.5 percent, according to a source not identified by Bloomberg
According to the source, the debt will sell between 99 and 99.5 cents on the dollar. The previous loan traded at 101.9 cents on the dollar, yielding 9.79 percent, the Bloomberg article
In terms of the sale, the shop will sell $400 million in five-year notes and $745 million in eight-year debentures.
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