USI launches $2.5 billion term loan at SOFR plus 400 bps

By Sara Rosenberg

New York, Nov. 14 – USI Inc. held a lender call at 11 a.m. ET on Monday to launch a $2.5 billion term loan due 2029 that is talked at SOFR plus 400 basis points with a 0.5% floor and an original issue discount of 97, according to a market source.

The term loan has 101 soft call protection for six months and no CSA, the source said.

JPMorgan Chase Bank and KKR Capital Markets are the leads on the deal. BofA Securities Inc. is the administrative agent.

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

Proceeds will be used to refinance an existing $2.48 billion term loan due May 2024.

USI is a Valhalla, N.Y.-based insurance brokerage and consulting firm.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.