Asurion launches $3.34 billion term loan B at Libor plus 275 bps

By Sara Rosenberg

New York, Feb. 20 – Asurion LLC launched without a lender call on Tuesday a $3,338,000,000 covenant-light term loan B due Nov. 3, 2023 with price talk of Libor plus 275 basis points with a 0% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

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

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

Proceeds will be to refinance/reprice an existing term loan B.

Asurion is a Nashville-based provider of technology protection services.

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