Greenhill revised its plans for a leveraged recapitalization to create a capital structure designed to enhance long-term shareholder value in the context of its current equity valuation, current tax rates and current opportunities in the credit market.

The previously announced term loan B (TLB) financing has been upsized to $350 million from $300 million and has been allocated to lenders. Goldman Sachs is leading the syndication efforts.

The TLB, which has a five-year term and carries a borrowing rate of LIBOR + 375 basis points, is expected to close and be funded this week. The facility will also include a $20 million revolving credit facility.

The net proceeds from the TLB financing will be used to repay all of the investment bank’s existing bank debt and help fund the repurchase of up to $285 million of shares

“We are pleased by the response of the credit market to our loan offering, and also pleased that we are able to substantially increase the liquidity opportunity we are providing to shareholders who wish to monetize their investment at a premium valuation,” said Scott L. Bok, CEO.

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Goldman Sachs Leads Greenhill $300MM Term Loan Financing