AmWINS firms $250 million second-lien term loan at Libor plus 850 bps

By Sara Rosenberg

New York, Dec. 18 – AmWINS Group Inc. set pricing on its $250 million second-lien covenant-light term loan (CCC+) due Sept. 6, 2020 at Libor plus 850 basis points, the wide end of the Libor plus 825 bps to 850 bps talk, according to a market source.

In addition, the original issue discount on the second-lien term loan was changed to 97˝ from 98˝, the source said.

As before, the second-lien term loan has a 1% Libor floor and call protection of 103 in year one, 102 in year two and 101 in year three.

Pricing on the $90 million first-lien covenant-light tack-on delayed-draw term loan (B) due Sept. 6, 2019 remained at Libor plus 425 bps with a 1% Libor floor and an original issue discount of 99, and there is still 101 soft call protection for one year.

With the tack-on loan, pricing on AmWINS’ existing $876 million first-lien term loan is increasing to Libor plus 425 bps with a 1% Libor floor from current pricing of Libor plus 375 bps with a 1.25% Libor floor.

Credit Suisse Securities (USA) LLC, Barclays and Morgan Stanley Senior Funding Inc. are the lead banks on the deal.

Proceeds will be used to fund two acquisitions and pay a dividend.

AmWINS is a Charlotte, N.C.-based specialty insurance broker.

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