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Assurant gets commitments for bridge loan, term loan via Morgan Stanley
By Marisa Wong
Morgantown, W.Va., Oct. 18 – Assurant, Inc. entered into a commitment letter on Oct. 17 with Morgan Stanley Senior Funding, Inc. for a 364-day $1 billion senior unsecured bridge loan facility, according to an 8-K filing with the Securities and Exchange Commission.
Assurant entered into the bridge commitment letter in connection with its planned acquisition of Warranty Group. The transaction is valued at roughly $2.5 billion and is expected to close in the first half of 2018.
Assurant also entered into a term loan commitment letter on Oct. 17 with Morgan Stanley for up to $350 million of term financing.
Morgan Stanley has agreed to use commercially reasonable efforts to arrange a syndicate of lenders that will provide Assurant with a 364-day senior unsecured term loan totaling up to $350 million. Morgan Stanley committed to provide $70 million of that term facility.
Based in New York, Assurant provides risk management solutions. Chicago-based Warranty Group is a provider of protection plans and related programs and is a portfolio company of TPG Capital.
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