Investors will have to wait until tomorrow for the JPMorgan-led $500 million term loan for Sherman Financial. The deal was originally slated to launch last Monday, but was pushed back until tomorrow. A spokeswoman said the company is preparing for the lender meeting and the change of date was nothing out of the ordinary.
The term loan is priced at LIBOR plus 1 3/4% and will be used to refinance existing debt. The size of the current facility could not be determined. Sherman Financial is a provider of debt recovery solutions for financial institutions, credit card companies and retailers. The company is owned in part by Mortgage Guaranty Insurance Co. An MGIC spokesman declined comment. Calls to a Sherman representative were not returned.