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AssuredPartners talks $125 million term loan at Libor plus 362.5 bps
By Sara Rosenberg
New York, Jan. 29 – AssuredPartners Capital Inc. launched on Thursday its $125 million incremental first-lien covenant-light term loan (B) due April 1, 2021 with price talk of Libor plus 362.5 basis points with a 1% Libor floor and an original issue discount of 97˝, according to a market source.
Amortization on the loan is 1% per annum.
Bank of America Merrill Lynch, J.P. Morgan Securities LLC, BMO Capital Markets, RBC Capital Markets and Madison Capital are the arrangers on the deal.
The incremental loan is not expected to be fungible with the company’s existing first-lien term loan.
Proceeds will be used to pay down revolver borrowings, to fund acquisitions and to 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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