Moody’s rates AssuredPartners facilities B2

Moody’s Investors Service said it assigned B2 ratings to a new five-year senior secured revolving credit facility and a new seven-year senior secured term loan being issued by AssuredPartners Inc. The new facilities will refinance the company’s $267.5 million revolver and $1.9 billion senior secured term loan with higher face amounts and longer maturities.

The company will use the incremental proceeds to fund acquisitions and pay related fees and expenses. Moody’s said it expects to withdraw the ratings on the existing revolver and term loan once the refinancing closes.

“AssuredPartners’ ratings reflect its growing presence in middle-market insurance brokerage, its good mix of business across property & casualty insurance and employee benefits and its healthy EBITDA margins, according to Moody’s. The company has made organizational changes to improve its organic growth, which Moody’s expects will be in the low-single digits in 2020,” said Moody’s in a press release.

The outlook for AssuredPartners remains unchanged at stable.

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