AmeriLife finalizes spreads on first- and second-lien term loans

By Sara Rosenberg

New York, June 7 – AmeriLife Group LLC set pricing on its $285 million seven-year covenant-lite first-lien term loan (B2/B) at Libor plus 450 basis points, the low end of the Libor plus 450 bps to 475 bps talk, and on its $70 million eight-year covenant-lite second-lien term loan (Caa2/CCC+) at Libor plus 900 bps, the high end of the Libor plus 875 bps to 900 bps talk, according to a market source.

Also, the original issue discount on the first-lien term loan was changed to 99.5 from 99 and the discount on the second-lien term loan was tightened to 99 from 98.5, the source said.

Both term loans still have a 0% Libor floor, the first-lien term loan still has 101 soft call protection for six months, and the second-lien term loan still has call protection of 102 in year one and 101 in year two.

As before, the first-lien term loan is split between a $250 million funded tranche and a $35 million delayed-draw tranche.

The company’s $395 million of credit facilities also include a $40 million revolver (B2/B).

Credit Suisse Securities (USA) LLC, SunTrust Robinson Humphrey Inc. and Deutsche Bank Securities Inc. are the arrangers on the deal.

Recommitments were scheduled to be due at noon ET on Friday, the source added.

Proceeds will be used to refinance existing debt, fund tuck-in acquisitions and finance a shareholder distribution.

AmeriLife is a Clearwater, Fla.-based developer, marketer and distributor of annuity, life and health insurance solutions.

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