Alliant cancels $115 million incremental term B-2 after bond upsizing

By Sara Rosenberg

New York, Oct. 2 – Alliant Holdings Intermediate LLC pulled from market its $115 million add-on covenant-lite term loan B-2 due May 2025 due to the upsizing of its senior notes offering to $690 million from $575 million, according to a market source.

The add-on term loan was being talked at Libor plus 325 basis points with a 0% Libor floor and an original issue discount of 98.5.

Morgan Stanley Senior Funding Inc. was the left lead arranger on the deal.

Proceeds from the loan were going to be used to help fund the redemption of notes.

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

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