Cross Insurance launches $350 million term B at Libor plus 450 bps

By Sara Rosenberg

New York, Aug. 11 – Cross Insurance (Cross Financial Corp.) held a lender call on Tuesday to launch a $350 million seven-year covenant-lite first-lien term loan B (B2/B) that is talked at Libor plus 450 basis points with a 1% Libor floor and an original issue discount of 97.5 to 98, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to refinance existing credit facilities, repurchase shares from some equity holders, fund near-term acquisitions and pay related fees and expenses.

Cross Insurance is an insurance broker.

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