Sedgwick launches $190 million add-on second-lien loan at 97½ area OID

By Sara Rosenberg

New York, Sept. 17 – Sedgwick Inc. launched on Wednesday its $190 million add-on second-lien term loan with original issue discount talk in the 97½ area, according to a market source.

Pricing on the add-on is Libor plus 575 basis points with a 1% Libor floor, in line with the existing second-lien term loan, the source said.

Both the add-on and the existing loan will get call protection of 102 for one year and 101 for the following year.

UBS Securities LLC, KKR Capital Markets and MCS Capital Markets are the joint bookrunners on the deal.

Commitments are due on Sept. 26, the source added.

Proceeds will be used to fund an acquisition.

Sedgwick is a Memphis, Tenn.-based provider of technology-enabled claims and productivity management solutions.

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