Ryan Specialty finalizes $1.65 billion term B at Libor plus 300 bps

By Sara Rosenberg

New York, March 25 – Ryan Specialty Group LLC firmed pricing on its $1.646 billion term loan B due September 2027 at Libor plus 300 basis points, the high end of the Libor plus 275 bps to 300 bps talk, according to a market source.

Also, the Libor floor on the term loan was changed to 0.75% from 0.5%, the source said.

The term loan B still has a par issue price and 101 soft call protection for six months.

JPMorgan Chase Bank is the lead on the deal.

Recommitments were scheduled to be due at 10 a.m. ET on Thursday, the source added.

Proceeds will be used to reprice an existing term loan B.

Ryan Specialty is a Chicago-based specialty insurance organization.

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