AssuredPartners launches $220 million term loan at 99.5-99.75 OID

By Sara Rosenberg

New York, Oct. 16 – AssuredPartners Inc. was scheduled to hold a lender call at 2 p.m. ET on Tuesday to launch a fungible $220 million covenant-light incremental term loan B due Oct. 22, 2024 with original issue discount talk of 99.5 to 99.75, according to a market source.

Pricing on the incremental term loan matches pricing on the company’s existing $1,507,000,000 term loan B at Libor plus 325 basis points with a 0% Libor floor.

The incremental term loan has 101 soft call protection for six months, the source said.

Bank of America Merrill Lynch is the left lead arranger on the deal.

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

Proceeds will be used to pay down revolving credit facility borrowings, fund acquisitions expected to be completed before the transaction closes and reset liquidity for future acquisitions.

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

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