Confie firms $220 million second-lien loan at Libor plus 850 bps

By Sara Rosenberg

New York, Oct. 31 – Confie Seguros Holding II Co. finalized pricing on its $220 million seven-year second-lien term loan (Caa2/CCC) at Libor plus 850 basis points, the low end of the Libor plus 850 bps to 875 bps talk, according to a market source.

In addition, the original issue discount on the term loan was revised to 98 from 98.5, the source said.

The term loan still has a 0% Libor floor, hard call protection of 102 in year one and 101 in year two, and a maximum secured net leverage ratio covenant of 8.5 times.

Goldman Sachs Bank USA and Barclays are the lead banks on the deal.

Proceeds will be used with new preferred equity to refinance an existing second-lien term loan and partially repay revolver and first-lien term loan borrowings.

Confie Seguros is a Huntington Beach, Calif.-based personal lines and small to midsize commercial insurance broker.

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