Swett & Crawford $280 million credit facility to launch Oct. 18

By Sara Rosenberg

New York, Sept. 30 - Swett & Crawford is scheduled to hold a bank meeting on Oct. 18 to launch its proposed $280 million credit facility, according to a syndicate document.

Credit Suisse First Boston and Deutsche Bank are joint lead arrangers on the deal.

The facility consists of a $20 million revolving credit facility, a $190 million term loan B and a $70 million second-lien term loan, the document said.

Proceeds will be used to help fund Hicks, Muse, Tate & Furst Inc.'s acquisition of Swett & Crawford from Aon Corp. Banc of America Capital Investors and Emerald Capital Group Ltd. are involved in the buying group as well.

Swett & Crawford is a wholesale insurance brokerage firm.

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