Alliant talks incremental, extended term loans at Libor plus 300 bps

By Sara Rosenberg

New York, April 23 – Alliant Holdings Intermediate LLC launched on Monday its $310 million seven-year covenant-light incremental term loan B and extended $1,776,217,951 seven-year covenant-light term loan B with price talk of Libor plus 300 basis points with a 25 bps step-down at 4.25 times consolidated secured debt ratio and a 0% Libor floor, according to a market source.

The incremental term loan is talked with an original issue discount of 99.75 to par and the extended term loan is talked with a discount of 99.875 to par, the source said.

Both term loans have 101 soft call protection for six months and amortization of 1% per annum.

The company’s $2,286,217,951 of senior secured credit facilities also include an extended $200 million revolver.

Morgan Stanley Senior Funding Inc., Capital One, Fifth Third, Jefferies LLC, KKR Capital Markets, Macquarie Capital (USA) Inc., Bank of America Merrill Lynch, Nomura, RBC Capital Markets and SunTrust Robinson Humphrey Inc. are the joint lead arrangers and bookrunners on the deal.

Commitments/consents are due at noon ET on Friday, the source added.

Proceeds from the incremental loan will be used to fund pending acquisitions.

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

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