Secretariat Advisors sets lender call to launch 1st-lien term loan financing

Secretariat Advisors LLC. is preparing to launch first-lien term loan financing to support the acquisition of the business by a JLL Partners continuation fund and to refinance debt, according to sources. A lender call is scheduled for 10 a.m. ET on Dec. 1.

The financing will include a $190 million first-lien term loan and a $30 million delayed-draw first-lien term loan. The privately rated term loan will have a seven-year maturity, six months of 101 soft call protection, and will include a total net leverage covenant.

KeyBanc Capital Markets is leading the deal and Jefferies and Bank of Ireland are joint lead arrangers and joint bookrunners.

Additional financing includes a $30 million revolving credit facility and a privately placed $70 million eight-year, second-lien term loan.

Secretariat, a portfolio company of JLL Partners since 2018, is a specialty consulting firm that provides independent expert analysis, advice and testimony on behalf of law firms and corporations.

*Article updated at 3:25 p.m. ET on Nov. 29, 2021, to revise the date of the lender call and to update the arranger group.