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Asurion launches $3.14 billion of term loans to investors
By Sara Rosenberg
New York, Jan. 25 – Asurion LLC held a lender call at noon ET on Monday to launch a $1.25 billion 6.5-year first-lien term loan B-9 and a $1.89 billion seven-year second-lien term loan B-3, according to a market source.
Price talk on the term loan B-9 is Libor plus 325 basis points with a 0% Libor floor and an original issue discount of 99, and price talk on the term loan B-3 is Libor plus 600 bps with a 0% Libor floor and a discount of 99 to 99.5, the source said.
The term loan B-9 has 101 soft call protection for six months, and the term loan B-3 has hard call protection of 102 in year one and 101 in year two.
BofA Securities Inc., Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA, Barclays, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are the leads on the deal.
Commitments are due at 5 p.m. ET on Thursday, the source added.
Proceeds will be used to refinance an existing second-lien term loan due 2025.
Asurion is a Nashville-based provider of technology protection services.
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