Acrisure lifts add-on term loan to $595 million, updates pricing

By Sara Rosenberg

New York, May 2 – Acrisure LLC upsized its fungible add-on first-lien term loan to $595 million from $450 million and set pricing at Libor plus 500 basis points, the low end of the Libor plus 500 bps to 525 bps talk, according to a market source.

The term loan still has a 1% Libor floor and an original issue discount of 99.75.

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

Proceeds will be used for acquisition financing.

In connection with the add-on, pricing on the company’s existing first-lien term loan will be increased from Libor plus 475 bps with a 1% Libor floor to match the add-on pricing.

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

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