Acrisure sets $410 million first-lien term loan at Libor plus 425 bps

By Sara Rosenberg

New York, May 8 – Acrisure LLC firmed pricing on its $410 million first-lien term loan (B2/B) at Libor plus 425 basis points, the high end of the Libor plus 400 bps to 425 bps talk, according to a market source.

The first-lien term loan still has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

In addition, the company added a $45 million delayed-draw first-lien term loan to its deal, the source said.

The company’s now $590 million credit facility, up from $545 million, also includes a $75 million revolver (B2/B) and a $60 million second-lien term loan (Caa2/CCC+).

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to refinance existing debt and fund an acquisition.

Acrisure, a Genstar Capital portfolio company, is a Caledonia, Mich.-based retail insurance brokerage.

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