Arrowhead General Insurance $185 million credit facility to launch Wednesday

By Sara Rosenberg

New York, July 18 - Arrowhead General Insurance Agency Inc. is scheduled to hold a bank meeting on Wednesday to launch its proposed $185 million credit facility, according to a market source.

Wachovia is the lead bank on the deal.

The facility consists of a $15 million revolver (B), a $125 million first-lien term loan (B) and a $45 million second-lien term loan (CCC+), the source said.

Proceeds will be used to help fund Spectrum Equity's leveraged buyout of the company.

Arrowhead is a San Diego-based seller of commercial and personal property/casualty insurance products.

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