Acrisure downsizes term loan B to $1.97 billion, lowers pricing

By Sara Rosenberg

New York, Nov. 3 – Acrisure LLC trimmed its first-lien term loan to $1.97 billion from $2.17 billion and reduced pricing to Libor plus 425 basis points from talk in the range of Libor plus 450 bps to 475 bps, according to a market source.

In addition, the 101 soft call protection on the term loan was extended to one year from six months, the source said.

Proceeds from the $125 million in add-on term loan debt being raised will be used to help fund an acquisition and the remainder will reprice an existing term loan from Libor plus 500 bps with a 1% Libor floor.

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

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

Commitments were due at 2 p.m. ET on Friday, the source added.

Other funds for the transaction will come from a bond offering that was upsized in connection with the term loan downsizing.

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

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