Ryan Specialty flexes $1.65 billion term loan B to Libor plus 325 bps

By Sara Rosenberg

New York, July 23 – Ryan Specialty Group LLC reduced pricing on its $1.65 billion seven-year term loan B (B1/B) to Libor plus 325 basis points from Libor plus 375 bps and removed a 25 bps step-down at 4x net leverage, according to a market source.

Also, the original issue discount on the term loan was changed to 98.5 from talk in the range of 97 to 98, the source said.

The term loan has a 0.75% Libor floor and 101 soft call protection for six months.

J.P. Morgan Securities LLC, BMO Capital Markets, Barclays and Wells Fargo Securities LLC are the leads on the deal.

Proceeds will be used to help fund the company’s merger with All Risks, Ltd.

Chicago-based Ryan Specialty and Delray Beach, Fla.-based All Risks are insurance companies.

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