Acrisure increases add-on term loan amount to $125 million

By Sara Rosenberg

New York, Dec. 11 – Acrisure LLC upsized its fungible add-on term loan to $125 million from $100 million, according to a market source.

As before, pricing on the add-on loan is Libor plus 550 basis points with a 1% Libor floor and an original issue discount of 97.

With the add-on, the company is lifting its existing term loan to Libor plus 550 bps with a 1% Libor floor from Libor plus 425 bps with a 1% Libor floor.

All of the term loan debt is still getting 101 soft call protection for six months.

Commitments were due at 3 p.m. ET on Friday, the source added.

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

Proceeds will be used to fund acquisitions.

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

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