Asurion launches $1 billion term loan B-11 at SOFR plus 425 bps

By Sara Rosenberg

New York, Feb. 7 – Asurion LLC held a lender call at 12:30 p.m. ET on Tuesday to launch a $1 billion term loan B-11 due Aug. 19, 2028 (B+) that is talked at SOFR+10 basis points CSA plus 425 bps with a 0% floor and an original issue discount of 94, according to a market source.

The term loan has 101 soft call protection for six months and springing to 91 days inside the second-lien term loan B-3 if more than $250 million is still outstanding at such time, the source said.

BofA Securities Inc., Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA, Barclays, Deutsche Bank Securities Inc. and Credit Suisse Securities (USA) LLC are the arrangers on the deal.

Commitments are due at 5 p.m. ET on Thursday, the source added.

Proceeds will be used with cash from the balance sheet to partially refinance an existing term loan B-7.

Asurion is a Nashville-based provider of insurance for smartphones, tablets, consumer electronics, appliances, satellite receivers and jewelry.

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