Arrowhead General Insurance to launch $172 million facility Thursday

By Sara Rosenberg

New York, Feb. 7 - Arrowhead General Insurance Agency Inc. is scheduled to hold a bank meeting on Thursday in New York to launch a $172 million senior secured credit facility, according to a market source.

RBC Capital Markets and Macquarie Capital are the joint lead arrangers and bookrunners on the deal, with RBC as the left lead.

The facility consists of a $15 million five-year revolver, a $115 million six-year first-lien term loan and a $42 million seven-year second-lien term loan, the source said.

Proceeds will be used to refinance an existing first-and second-lien credit facility.

Arrowhead is a San Diego-based national insurance program manager owned by Spectrum Equity Investors and JMI Partners.

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