Alliant Insurance talks $680 million term B at Libor plus 400-425 bps

By Sara Rosenberg

New York, Nov. 28 - Alliant Insurance Services Inc. (Alliant Holdings I) launched its $680 million seven-year term loan B on Wednesday with price talk of Libor plus 400 basis points to 425 bps with a 1.25% Libor floor and an original issue discount of 99, according to a market source.

The term loan B has 101 soft call protection for one year, the source remarked.

The company's $780 million credit facility also includes a $100 million five-year ABL revolver.

J.P. Morgan Securities LLC, UBS Securities LLC, Bank of America Merrill Lynch, Morgan Stanley Funding Inc. and RBC Capital Markets LLC are the lead banks on the deal.

Proceeds will be used to help fund the acquisition of the company by Kohlberg Kravis Roberts & Co. LP from Blackstone.

The management team and employees of Alliant own about 45% of the company and will roll over a substantial portion of their investment in the company with the buyout.

Closing is expected this quarter, subject to certain conditions.

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

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