Affirmative Insurance $220 million credit facility to launch Monday

By Sara Rosenberg

New York, Dec. 8 - Affirmative Insurance Holdings Inc. is scheduled to hold a bank meeting on Monday to launch its proposed $220 million credit facility, a company spokesman told Prospect News.

Credit Suisse is the lead bank on the deal.

The facility consists of a $20 million revolver and a $200 million term loan, with both tranches talked at Libor plus 300 to 325 basis points, a market source said.

Proceeds will be used to finance the acquisition of USAgencies, LLC in an all-cash transaction valued at about $200 million.

Affirmative Insurance is an Addison, Texas, producer and provider of personal non-standard automobile insurance policies to individual consumers. USAgencies is a Baton Rouge, La., non-standard automobile insurance provider.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.