Confie talks $220 million second-lien loan at Libor plus 850-875 bps

By Sara Rosenberg

New York, Oct. 17 – Confie Seguros Holding II Co. launched on Wednesday its $220 million seven-year second-lien term loan (Caa2/CCC) with price talk of Libor plus 850 basis points to 875 bps with a 0% Libor floor and an original issue discount of 98.5, according to a market source.

The term loan has hard call protection of 102 in year one and 101 in year two, and a maximum secured net leverage ratio covenant of 8.5 times, the source said.

Goldman Sachs Bank USA and Barclays are the lead banks on the deal.

Commitments are due on Oct. 31, the source added.

Proceeds will be used with new preferred equity to refinance an existing second-lien term loan and partially repay revolver and first-lien term loan borrowings.

Confie Seguros is a Huntington Beach, Calif.-based personal lines and small to midsize commercial 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.