National Financial ups add-on term B to $165 million, sets OID at 99

By Sara Rosenberg

New York, March 26 – National Financial Partners Corp. increased its fungible add-on covenant-light term loan B due July 2020 to $165 million from $125 million and firmed the original issue discount at 99, the tight end of the 98¾ to 99 talk, according to a market source.

Pricing on the add-on is Libor plus 350 basis points with a 1% Libor floor, in line with the existing term loan B due July 2020.

The add-on loan has 101 soft call protection for six months, and the existing term B will get the same call protection.

Bank of America Merrill Lynch and Jefferies Finance LLC are the leads on the deal.

Proceeds will be used to pay down revolver borrowings and for general corporate purposes.

National Financial is a New York-based provider of insurance brokerage and wealth management services to middle-market companies, financial advisers and high-net-worth individuals.

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