American Wholesale Insurance releases price talk as $150 million credit facility launches

By Sara Rosenberg

New York, March 9 - Price talk on American Wholesale Insurance Group Inc.'s $150 million credit facility surfaced as the deal launched via a "well attended" bank meeting on Wednesday afternoon, according to a market source.

Opening pricing on the $100 million six-year first-lien term loan B is Libor plus 350 basis points and opening pricing on the $50 million 61/2-year second-lien term loan is Libor plus 700 basis points, the source said.

Credit Suisse First Boston is the sole lead arranger on the deal.

Proceeds will be used to help fund the acquisition of Stewart Smith Group from Willis Group Holdings. The acquisition is anticipated to close on March 31.

American Wholesale Insurance is a Charlotte, N.C.-based wholesale insurance organization. Stewart Smith is a New York-based wholesale insurance broker.

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