AmWINS to launch $340 million of term loans on Monday afternoon

By Sara Rosenberg

New York, Dec. 5 – AmWINS Group Inc. is scheduled to hold a conference call at 2 p.m. ET on Monday to launch $340 million of new term loan debt, according to a market source.

Credit Suisse Securities (USA) LLC is the left lead bank on the deal.

The debt consists of a $90 million first-lien covenant-light tack-on delayed-draw term loan due Sept. 6, 2019 and a $250 million second-lien covenant-light term loan due Sept. 6, 2020, the source said.

The first-lien tack-on term loan is talked at Libor plus 425 basis points with a 1% Libor floor and an original issue discount of 99, and the second-lien term loan is talked at Libor plus 825 bps to 850 bps with a 1% Libor floor and a discount of 98˝, the source continued.

Included in the first-lien term loan is 101 soft call protection for one year, and the second-lien term loan has call protection of 103 in year one, 102 in year two and 101 in year three.

With the tack-on loan, the spread on AmWINS’ existing $876 million first-lien term loan will increased to Libor plus 425 bps from current pricing of Libor plus 375 bps.

Proceeds will be used to fund two acquisitions and pay a dividend.

Commitments are due on Dec. 16, the source added.

AmWINS is a Charlotte, N.C.-based specialty insurance broker.

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