AssuredPartners launches $150 million add-on term loan, repricing

By Sara Rosenberg

New York, June 23 – AssuredPartners Inc. held a lender call at 1 p.m. ET on Wednesday to launch a fungible $150 million add-on term loan and a repricing of its existing $297 million incremental term loan due February 2027, according to a market source.

Price talk on the term loan debt is Libor plus 350 basis points to 375 bps with a 0.5% Libor floor and an original issue discount of 99.75, the source said.

The term loan debt has 101 soft call protection for six months.

JPMorgan Chase Bank is the lead on the deal.

Commitments are due at noon ET on June 30, the source added.

Proceeds from the add-on term loan will be used to fund acquisitions, and the repricing will take the existing incremental term loan down from Libor plus 450 bps with a 1% Libor floor.

AssuredPartners is a Lake Mary, Fla.-based provider of property and casualty and employee benefits insurance brokerage services.

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