Alliant launches $505 million incremental loan at Libor plus 325 bps

By Sara Rosenberg

New York, May 1 – Alliant Holdings Intermediate LLC launched on Wednesday its $505 million incremental senior secured covenant-lite term loan B due May 2025 with price talk of Libor plus 325 basis points with a 0% Libor floor and an original issue discount of 99, according to a market source.

The incremental 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 left lead bank on the deal.

Commitments are due at 5 p.m. ET on May 9, the source added.

Proceeds will be used to fund a distribution, repay outstanding revolving credit facility borrowings, fund general corporate purposes and pay related fees and expenses.

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

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