AssuredPartners lifts term loan to $150 million, revises pricing

By Sara Rosenberg

New York, Feb. 6 – AssuredPartners Capital Inc. upsized its incremental first-lien covenant-light term loan due April 1, 2021 to $150 million from $125 million and the new debt will now be fungible with the existing first-lien term loan, according to a market source.

Also, price talk on the incremental term loan was revised to Libor plus 400 basis points from Libor plus 362.5 bps, and the original issue discount tightened to 99 from 97½, the source said.

The incremental term loan still has a 1% Libor floor.

With the incremental loan, pricing on the existing first-lien term loan will be increased to Libor plus 400 bps with a 1% Libor floor from Libor plus 350 bps with a 1% Libor floor, the source said.

All of the first-lien term loan debt will have 101 soft call protection for six months.

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

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.

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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