(Correcting deal tranches.)
By Michelle Sierra
NEW YORK, Dec 4 (Reuters) - TCW Group Inc is launching tomorrow an $855 million credit facility, sources told Thomson Reuters LPC. The facility backs the Carlyle Group’s acquisition of the company and refinances existing debt.
JP Morgan, Morgan Stanley and Bank of America Merrill Lynch are leading the deal. The facility comprises a $500 million, five-year revolver and a $355 million, seven-year term loan B. The facility will launch at the St. Regis Hotel in New York City at 2 p.m.
In August, Carlyle said it would buy the Los Angeles-based investment manager from France’s Société Générale.
The private equity firm is teaming up with TCW’s management, which will increase its ownership to 40 percent. The transaction is expected to close in the first quarter of 2013. (Editing By Jon Methven)