Alera Group tightens OID on $75 million add-on term loan B to 99.5

By Sara Rosenberg

New York, Feb. 14 – Alera Group modified the original issue discount on its fungible $75 million add-on covenant-light term loan B due August 2025 to 99.5 from 99, according to a market source.

The company is also getting a fungible $30 million privately placed delayed-draw term loan B.

Pricing on the term loan debt (B2) remained at Libor plus 450 basis points with a 0% Libor floor.

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

Commitments were due at 2 p.m. ET on Thursday, the source added.

Proceeds will be used to fund acquisitions.

Alera is a Deerfield, Ill.-based insurance brokerage and wealth management firm.

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