Alliant Holdings launches $1.6 billion term loan at Libor plus 325 bps

By Sara Rosenberg

New York, Nov. 1 – Alliant Holdings Intermediate LLC launched on Tuesday its $1,602,550,000 senior secured covenant-light term loan due Aug. 14, 2022 with price talk of Libor plus 325 basis points with a 1% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Morgan Stanley Senior Funding Inc. is the lead bank on the deal.

Proceeds will be used to combine the company’s existing $279.3 million term loan B-2 priced at Libor plus 400 bps with a 1% Libor floor into its $1,323,250,000 term loan B priced at Libor plus 350 bps with a 1% Libor floor, and reprice the debt.

Another source added that the term loan B-2 will be paid out at 101 due to current call protection, and the term loan B will be paid out at par.

Commitments/consents are due at noon ET on Friday.

Alliant Holdings is a Newport Beach, Calif.-based specialty insurance brokerage firm.

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