RLPC-Pearl's 2.26 bln pound Resolution loan launches

LONDON, June 6 (Reuters) - UK insurer Pearl Group's 2.26 billion pound ($4.42 billion) senior term loans backing its acquisition of rival Resolution (RSL.L) launched to wider syndication on Thursday, the lead banks announced.

The loan is led by mandated lead arrangers (MLAs) and bookrunners Bank of Scotland, BayernLB, Dresdner Kleinwort, Lloyds and Nomura, together with MLAs HSH Nordbank and nabCapital.

The lead banks said that a number of relationship banks have provided substantial commitments to the transaction ahead of syndication.

The financing consists of five, six and seven year facilities paying margins of 250 basis points (bps), 325 bps, and 375 bps respectively.

Lenders are offered participation fees of 175 bps and 135 bps for commitments of 50 million pounds or more and 25 million pounds or more.

Pearl acquired Resolution for approximately 5 billion pounds, through Impala Holdings Ltd, a 75 percent subsidiary of Pearl Group, with the balance owned by Sun Capital Partners and TDR Capital.

Following the scheme of arrangement on May 1, the acquisition formally completed on May 15.

The acquisition creates one of the largest UK life insurers, with combined assets under management of 87.5 billion pounds. Resolution businesses, now part of Pearl, include Phoenix, Scottish Provident, Scottish Mutual and Resolution Asset Management.

Pearl is owned by Sun Capital and TDR Capital. (Reporting by Alasdair Reilly; Editing by Louise Ireland)