NFP tightens discount on $240 million add-on term loan B to 99.5

By Sara Rosenberg

New York, June 28 – NFP Corp. modified the original issue discount on its fungible $240 million add-on covenant-light term loan B (B2/B) due January 2024 to 99.5 from 99.25, according to a market source.

Pricing on the add-on loan is Libor plus 350 basis points with a 1% Libor floor.

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

Recommitments were scheduled to be due at 4 p.m. ET on Wednesday, the source said.

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

NFP is an insurance broker and consultant.

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