AssuredPartners launches $1.52 billion term B at Libor plus 300 bps

By Sara Rosenberg

New York, March 22 – AssuredPartners Inc. was scheduled to hold a lender call at noon ET on Thursday to launch a $1,518,000,000 term loan B due Oct. 22, 2024 with price talk of Libor plus 300 basis points with a 0% Libor floor, according to a market source.

New dollars are talked with an original issue discount of 99.75 to 99.875, and rolled dollars are talked with a discount of 99.875 to par, the source said.

The term loan includes 101 soft call protection for six months.

Bank of America Merrill Lynch is the left lead bank on the deal.

Commitments are due at noon ET on Wednesday, the source added.

Proceeds will be used to reprice an existing term loan B, and the $250 million of incremental term loan debt being raised will be used to pay down borrowings under the existing revolving credit facility, fund acquisitions expected to be completed before the transaction closes and reset liquidity for future acquisitions.

AssuredPartners is a Lake Mary, Fla.-based provider of property and casualty and employee benefits insurance brokerage services.

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