Alliant Insurance sets Wednesday launch for $1.54 billion facility

By Sara Rosenberg

New York, July 13 – Alliant Insurance Services Inc. scheduled a bank meeting for 10 a.m. ET on Wednesday to launch its proposed $1.54 billion senior secured credit facility, according to a market source.

Morgan Stanley Senior Funding Inc., UBS AG, Jefferies Finance LLC, KKR Capital Markets LLC, MCS Capital Markets LLC, Macquarie Capital (USA) Inc. and Nomura Securities International Inc. are the leads on the deal.

As previously reported, the facility consists of a $200 million revolver and a $1.34 billion term loan B.

Proceeds will be used to help fund the purchase of a significant equity interest in the company by Stone Point Capital LLC.

Through the agreement, funds managed by Stone Point will become Alliant Insurance’s largest institutional shareholders, and the company’s existing shareholders, who include management and producers as well as funds affiliated with KKR, will remain significant shareholders in the business.

Other funds for the transaction will come from bonds that are backed by a $495 million opco bridge loan and a $175 million holdco bridge loan.

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

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