AssuredPartners launches $500 million term B at SOFR plus 425 bps

By Sara Rosenberg

New York, Nov. 9 – AssuredPartners Inc. held a lender call at 10 a.m. ET on Wednesday to launch a $500 million incremental covenant-lite term loan B due February 2027 (B) with price talk of SOFR plus 425 basis points with a 0.5% floor and an original issue discount of 95 to 96, according to a market source.

Following a 2 p.m. ET commitment deadline on Wednesday, the discount on the term loan was revised to 96.5, the source said.

The term loan has 101 soft call protection for six months, 0 bps CSA and amortization of 1% per annum.

Morgan Stanley Senior Funding Inc. is the left lead arranger on the deal.

Recommitments were scheduled to be due at 3:45 p.m. ET on Wednesday, the source added.

Proceeds will be used for general corporate purposes, including to finance near-term acquisition activity and pay fees and expenses related to the offering.

AssuredPartners is a Lake Mary, Fla.-based insurance brokerage firm.

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