Insurance broker April sets talk for €1.2 billion term loan at Euribor plus 400-425 bps at 99.5

By Paul A. Harris

Portland, Ore., Feb. 26 – France-based wholesale insurance broker April (expected ratings B2/B) talked its €1.2 billion seven-year term loan B at Euribor plus 400 basis points to 425 bps with no floor and an original issue discount of 99.5 according to a market source.

The borrowing entity is Athena Bidco SAS.

The deal comes with six months of soft call protection at 101.

Commitments are due at 10 a.m. ET on March 6.

KCM, HSBC and Nomura are the joint physical bookrunners.

The sponsor is KKR.

Proceeds will be used to repay debt and to finance the acquisition of DPLK.

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