USI Holdings $100 million term B add-on to launch Wednesday

By Sara Rosenberg

New York, Sept. 26 - USI Holdings Corp. is scheduled to launch its $100 million term loan B add-on Wednesday, according to a market source.

JPMorgan is the lead bank on the deal.

The add-on is priced with an interest rate of Libor plus 225 basis points and is being obtained under the existing credit agreement's accordion feature, the source said.

Proceeds will be used to pay down revolver borrowings and fund potential future acquisitions.

USI is a Briarcliff Manor, N.Y. distributor of insurance and financial products and services to businesses.

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