AssuredPartners to launch $125 million incremental loan on Thursday

By Sara Rosenberg

New York, Jan. 28 – AssuredPartners Capital Inc. is scheduled to hold a call at 2 p.m. ET on Thursday to launch a $125 million incremental first-lien covenant-light term loan due April 1, 2021, according to a market source.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC, BMO Capital Markets, RBC Capital Markets and Madison Capital are the arrangers on the deal.

Amortization on the loan is 1% per annum, the source said.

The incremental loan is not expected to be fungible with the company’s existing first-lien term loan.

Proceeds will be used to pay down revolver borrowings, to fund acquisitions and to add cash to the balance sheet.

AssuredPartners is a Lake Mary, Fla.-based investor in property and casualty and employee benefits brokerage firms.

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