AssuredPartners talks $500 million term loan at SOFR plus 375 bps

By Sara Rosenberg

New York, Feb. 7 – AssuredPartners Inc. launched on Wednesday its $500 million seven-year senior secured covenant-lite incremental first-lien term loan B-5 (B2/B) with price talk of SOFR plus 375 basis points with a 0.5% floor and an original issue discount of 99 to 99.5, according to a market source.

The term loan has 101 soft call protection for six months, 0 bps CSA and amortization of 1% per annum, the source said.

Morgan Stanley Senior Funding Inc. is the left lead arranger on the deal. BofA Securities Inc. is the agent.

Commitments are due at 2 p.m. ET on Thursday, after being accelerated in the afternoon from noon ET on Friday, the source added.

Proceeds will be used to repay revolving credit facility borrowings, to fund acquisitions under letters of intent and for general corporate purposes.

AssuredPartners is a Lake Mary, Fla.-based insurance brokerage firm.

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