Insurance Brokerage Company, Trucordia, Launches $1.9B Syndicated Loan to Replay Private Credit Debt
Trucordia, the insurance brokerage based out of Lindon, Utah has made a bold move - the launch of an enormous $1.9 billion first-lien term loan. This financial manoeuvre is aimed at repaying the company’s debt and will go towards various corporate purposes.
A compelling fact about Trucordia’s plan includes a seven-year term loan, discussed at S+325-350, with a zero percent floor and an original issue discount (OID) of 99.5. This implies that the yield upon maturity could be in the range of 7.88%-8.15%. Other key features of this arrangement include two margin step-downs of 25 bps each at 0.5x and 1x. There may be an additional step-down of 25 basis points upon an IPO. Lenders are being offered the sweetener of six months of soft call protection.
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