AmeriLife Group to launch $395 million credit facilities on Thursday

By Sara Rosenberg

New York, May 22 – AmeriLife Group LLC is set to hold a bank meeting at 10 a.m. ET in New York on Thursday to launch $395 million of credit facilities, according to a market source.

Credit Suisse Securities (USA) LLC, SunTrust Robinson Humphrey Inc. and Deutsche Bank Securities Inc. are the arrangers on the deal.

The facilities consist of a $40 million revolver, a $285 million seven-year covenant-lite first-lien term loan and a $70 million eight-year covenant-lite second-lien term loan, the source said.

The first-lien term loan is split between a $250 million funded tranche and a $35 million delayed-draw tranche.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

Commitments are due at 5 p.m. ET on June 6, the source added.

Proceeds will be used to refinance existing debt, fund tuck-in acquisitions and finance a shareholder distribution.

AmeriLife is a Clearwater, Fla.-based developer, marketer and distributor of annuity, life and health insurance solutions.

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