AssuredPartners sets first- and second-lien term loan talk with launch

By Sara Rosenberg

New York, Oct. 7 – AssuredPartners Inc. came out with price talk on its $762 million seven-year covenant-light first-lien term loan (B1) and $337 million eight-year covenant-light second-lien term loan (Caa2) in connection with its bank meeting on Wednesday morning, according to market sources.

The first-lien term loan is talked at Libor plus 450 basis points to 475 bps with a 1% Libor floor and an original issue discount of 98.5, and the second-lien term loan is talked at Libor plus 900 bps with a 1% Libor floor and a discount of 96 to 97, sources said.

Included in the first-lien term loan is 101 soft call protection for one year, and the second-lien term loan is non-callable for one year, then at 102 in year two and 101 in year three.

The company’s $1,226,500,000 credit facility also provides for a $127.5 million five-year revolver (B1).

Commitments are due at noon ET on Oct. 16, sources added.

Bank of America Merrill Lynch, RBC Capital Markets LLC, Morgan Stanley Senior Funding Inc., Macquarie Capital (USA) Inc. and Barclays are the lead banks on the debt.

Proceeds will be used to help fund the buyout of the company by Apax Partners from GTCR.

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

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