IMA Financial to launch $350 million add-on term loan B-1 on Tuesday

By Sara Rosenberg

New York, Nov. 13 – IMA Financial Group is set to hold a lender call at 11 a.m. ET on Tuesday to launch a fungible $350 million add-on covenant-lite term loan B-1 due November 2028, according to a market source.

BMO Capital Markets is the lead on the deal.

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

Proceeds will be used to refinance an existing term loan B-2, repay revolving credit facility borrowings and fund an acquisition under a letter of intent.

New Mountain Capital, SkyKnight Capital and the Stephens Group are the sponsors.

IMA Financial is a Denver-based property and casualty and employee-benefit specialty insurance brokerage.

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