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IMA Financial talks $530 million term loan at Libor plus 400-425 bps
By Sara Rosenberg
New York, Sept. 28 – IMA Financial Group launched on Tuesday its $530 million term loan with price talk of Libor plus 400 basis points to 425 bps with a 0.5% Libor floor and an original issue discount of 99, according to a market source.
The term loan has 101 soft call protection for six months, the source said.
BMO Capital Markets, JPMorgan Chase Bank, Citigroup Global Markets Inc. and U.S. Bank are the leads on the deal.
Commitments are due on Oct. 12, the source added.
Proceeds will be used to refinance about $250 million of existing debt and fund acquisitions under letters-of-intent.
IMA Financial is an insurance brokerage firm.
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