Jones DesLauriers ups term B to $375 million, revises OID to 99.25

By Sara Rosenberg

New York, July 28 – Jones DesLauriers Insurance Management Inc. (Navacord) upsized its first-lien term loan B due March 16, 2030 to $375 million from $350 million and changed the original issue discount to 99.25 from 99, according to a market source.

Pricing on the term loan remained at SOFR plus 425 basis points with a 25 bps step-down at B2/B ratings and a 0% floor.

The term loan still has 101 soft call protection for six months and 0 bps CSA.

BofA Securities Inc. is the left lead arranger on the deal.

Proceeds will be used to refinance the company’s existing first-lien Canadian term loan due March 2028 and for general corporate purposes, including near-term acquisition opportunities.

Jones DesLauriers is a Mississauga, Ont., commercial insurance broker.

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