Alliant sets issue price on incremental, extended term loans at par

By Sara Rosenberg

New York, April 27 – Alliant Holdings Intermediate LLC firmed the issue price on its $310 million seven-year covenant-light incremental term loan B at par, the tight end of the 99.75 to par talk, and on its extended $1,776,217,951 seven-year covenant-light term loan B at par, the tight end of the 99.875 to par talk, according to a market source.

Pricing on the term loans remained at Libor plus 300 basis points with a 25 bps step-down at 4.25 times consolidated secured debt ratio and a 0% Libor floor.

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 were scheduled to be 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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