Acrisure seeks $139 million add-on term loan at 99-99.5 OID

By Sara Rosenberg

New York, Aug. 5 – Acrisure LLC is in market with a fungible $139 million add-on first-lien term loan talked at Libor plus 425 basis points with a 1% Libor floor and an original issue discount of 99 to 99.5, according to a market source.

The debt has 101 soft call protection through November, the source said.

Of the total amount, $29 million is funded and $110 million is delayed-draw.

The delayed-draw loan has a ticking fee of the half the margin after 30 days and the full margin after 60 days.

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

Proceeds will be used to fund acquisitions.

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

© 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.