Alliant increases incremental term loan size to $530 million

By Sara Rosenberg

New York, May 7 – Alliant Holdings Intermediate LLC upsized its incremental senior secured covenant-lite term loan B due May 2025 to $530 million from $505 million, according to a market source.

As before, the incremental term loan is priced at Libor plus 325 basis points with a 0% Libor floor and an original issue discount of 99, and has 101 soft call protection for six months and amortization of 1% per annum.

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

Recommitments were scheduled to be due at 2:30 p.m. ET on Tuesday, the source said.

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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