AssuredPartners to launch $555 million in term loans on Tuesday

By Sara Rosenberg

New York, March 17 - AssuredPartners Inc. will hold a bank meeting at 10 a.m. ET on Tuesday to launch $555 million in new term loans, according to sources.

The debt consists of a $420 million seven-year first-lien term loan and a $135 million eight-year second-lien term loan, sources said.

Bank of America Merrill Lynch and J.P. Morgan Securities LLC are the lead banks on the deal, with Bank of America left on the first-lien and JPMorgan left on the second-lien.

The second-lien term loan is talked at Libor plus 700 basis points with a 1% Libor floor and an original issue discount of 99, sources continued.

Call protection on the second-lien loan is 102 in year one and 101 in year two.

Proceeds will be used to refinance existing debt and add cash to the balance sheet.

AssuredPartners is a Lake Mary, Fla.-based investor in property and casualty and employee benefits brokerage firms.

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