Acrisure lifts first-lien term loan to $1.26 billion, finalizes spread

By Sara Rosenberg

New York, Nov. 3 – Acrisure LLC upsized its first-lien term loan to $1.26 billion from $1,175,000,000, of which $195 million will be delayed-draw, up from $110 million, according to a market source.

Also, pricing on the first-lien term loan firmed at Libor plus 475 basis points, the high end of the Libor plus 450 bps to 475 bps talk, and the 101 soft call protection was extended to one year from six months, the source said.

The first-lien term loan still has a 1% Libor floor and an original issue discount of 99.

J.P. Morgan Securities LLC, Antares Capital, RBC Capital Markets, SunTrust Robinson Humphrey Inc. and Madison Capital are the leads on the deal.

Along with the first-lien term loan, the company is planning on getting a $200 million revolver and a $305 million privately placed second-lien term loan.

Proceeds will be used to help fund the management-led buyout of the company, led by Greg Williams, chief executive officer and co-founder, and a consortium of minority investors from Genstar Capital and to refinance existing debt.

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

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