Acrisure widens discount on $139 million add-on term loan to 98

By Sara Rosenberg

New York, Aug. 12 – Acrisure LLC revised the original issue discount on its $139 million add-on first-lien term loan to 98 from talk of 99 to 99.5, according to a market source.

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

In addition, the 101 soft call protection was extended to six months from the date of the last draw from November 2015, the source said.

And, the ticking fee was modified to the full spread and Libor floor from half the margin after 30 days and the full margin after 60 days.

Pricing on the add-on term loan is still Libor plus 425 basis points with a 1% Libor floor.

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

Proceeds will be used to fund acquisitions.

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

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