Cross Insurance launches $100 million add-on term loan, repricing

By Sara Rosenberg

New York, March 8 – Cross Insurance held a lender call on Monday to launch a $100 million add-on first-lien term loan B and a repricing of its existing $350 million first-lien term loan B, according to a market source.

Price talk on the term loan debt is Libor plus 400 basis points to 425 bps with a 0.75% Libor floor and an original issue discount of 99.75, the source said.

The term loan debt has 101 soft call protection for six months.

JPMorgan Chase Bank is the lead on the deal.

Commitments are due at noon ET on Friday, the source added.

The add-on term loan will be used to fund a share repurchase, for general corporate purposes and for acquisition financing.

Cross Insurance is an insurance broker.

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