Acrisure lifts incremental term loan to $1 billion, updates pricing

By Sara Rosenberg

New York, Nov. 9 – Acrisure LLC upsized its non-fungible incremental first-lien term loan due February 2027 (B) to $1 billion from $600 million and firmed pricing at Libor plus 425 basis points, the low end of the Libor plus 425 bps to 450 bps talk, according to a market source.

In addition, the original issue discount on the incremental term loan was tightened to 99.25 from 99, the source said.

The incremental term loan still has a 0.5% Libor floor and 101 soft call protection for six months.

JPMorgan Chase Bank and BMO Capital Markets are the lead banks on the deal.

Commitments were scheduled to be due at 3 p.m. ET on Tuesday, accelerated from noon ET on Wednesday, the source added.

Proceeds will be used to fund acquisitions.

Acrisure is a Caledonia, Mich.-based insurance brokerage.

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