Alliant Insurance tightens OID on $280 million term loan B to 99

By Sara Rosenberg

New York, July 8 – Alliant Insurance Intermediate LLC modified the original issue discount on its $280 million senior secured incremental first-lien covenant-light term loan B due Aug. 14, 2022 to 99 from 98, according to a market source.

Also, the 101 soft call protection was extended to one year from six months, the source said.

Pricing on the loan is still Libor plus 400 basis points with a 1% Libor floor.

Recommitments were due by 1:30 p.m. ET on Friday, the source added.

Morgan Stanley Senior Funding Inc., MCS Capital Markets LLC and KKR Capital Markets LLC are the joint lead arrangers and bookrunners on the deal.

Proceeds will be used to finance acquisitions.

Alliant Insurance is a Newport Beach, Calif.-based specialty insurance brokerage firm.

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