NFP launches $240 million add-on term loan B at discount of 99.25

By Sara Rosenberg

New York, June 26 – NFP Corp. held a lender call at 11 a.m. ET on Monday to launch a fungible $240 million add-on covenant-light term loan B due January 2024 that is talked at Libor plus 350 basis points with a 1% Libor floor and an original issue discount of 99.25, according to a market source.

Bank of America Merrill Lynch, Barclays, J.P. Morgan Securities LLC, Jefferies LLC and KKR Capital Markets are the leads on the deal.

Commitments are due at noon ET on Wednesday, the source added.

Proceeds will be used to redeem some notes and to fund acquisitions.

In connection with the transaction, the company is seeking an amendment to its existing credit agreement and lenders are being offered a 10-bps consent fee.

NFP is an insurance broker and consultant.

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