AssuredPartners flexes $500 million term loan to SOFR plus 350 bps

By Sara Rosenberg

New York, Feb. 8 – AssuredPartners Inc. reduced pricing on its $500 million seven-year senior secured covenant-lite incremental first-lien term loan B-5 (B2/B) to SOFR plus 350 basis points from SOFR plus 375 bps, according to a market source.

In addition, the original issue discount on the term loan firmed at 99.5, the tight end of the 99 to 99.5 talk, the source said.

The term loan still has a 0.5% floor, 101 soft call protection for six months, 0 bps CSA and amortization of 1% per annum.

Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA, BofA Securities Inc., Barclays, JPMorgan Chase Bank, BMO Capital Markets, RBC Capital Markets, Deutsche Bank Securities Inc., UBS Investment Bank, Mizuho, Macquarie Capital (USA) Inc. and ING are the bookrunners on the deal. BofA Securities Inc. is the agent.

Recommitments were scheduled to be due at 4 p.m. ET on Thursday, the source added.

Proceeds will be used to repay revolving credit facility borrowings, to fund acquisitions under letters of intent and for general corporate purposes.

Closing is expected during the week of Feb. 12.

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

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