Moody's rates AssuredPartners loan B2

Moody's Investors Service said it assigned a B2 rating to AssuredPartners Inc.'s $1.3 billion senior secured term loan due in October 2024.

The proceeds will be used to refinance the company's existing $1.1 billion senior secured term loan, repay the company's senior secured revolver, fund near-term acquisitions and pay related fees and expenses, the agency said.

The company's revolver will be increased to $242.5 million from $202.5 million and its maturity date will be extended to 2022, Moody's said.

The agency expects to withdraw the rating on the existing term loan once the refinancing closes in late September.

The outlook for AssuredPartners is stable, Moody's said.

The ratings reflect the company's growing market presence in middle market insurance brokerage, good diversification across clients, producers, insurance carriers and product lines and healthy EBITDA margins, the agency said.

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