Canada’s Navacord obtains first-, second-lien term loans to replace previous term loan, debt

By Rebecca Melvin

Concord, N.H., March 30 – Navacord Corp. has completed C$1.05 billion of financing including first- and second-lien term loans, which will be used to replace a previous term loan and other debt, according to a company news release.

The financing will also be used to finance M&A and other strategic growth initiatives and to return capital to employee shareholders.

“We look forward to continuing to build our business in partnership with our shareholders and lenders and in service to our clients and underwriter relationships,” co-founder and executive chairman T. Marshall Sadd said in the release.

Chicago-based private equity firm Madison Dearborn Partners and Navacord’s management executed the transaction.

TD Securities is acting as administrative agent on the revolving credit facility and first-lien term loan. Bank of Montreal is acting as administrative agent on the second-lien term loan.

Navacord is an insurance brokerage based in Toronto.

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