BroadStreet lifts term loan to $407.5 million, trims pricing

By Sara Rosenberg

New York, Oct. 7 – BroadStreet Partners Inc. upsized its non-fungible incremental term loan B due Jan. 27, 2027 to $407.5 million from $332.5 million and reduced pricing to Libor plus 325 basis points from Libor plus 350 bps, according to a market source.

The incremental term loan still has a 0.5% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

RBC Capital Markets is the lead arranger on the deal.

Commitments were scheduled to be due at 12:30 p.m. ET on Thursday, accelerated from 5 p.m. ET on Thursday, the source added.

Proceeds will be used with $325 million of unsecured notes to fund a new core agency partnership, and the funds from the upsizing will go to the balance sheet as cash for future acquisitions.

The company’s existing $1.097 billion term loan B is priced at Libor plus 325 bps with a leverage-based step-down to Libor plus 300 bps and a 0% Libor floor.

Ontario Teachers’ Pension Plan, Century Equity Partners and Penfund are the sponsors.

BroadStreet is a Columbus, Ohio-based insurance broker.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.