Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Asurion’s $910 Million of Loans Rise in Initial Trading

March 14 (Bloomberg) -- Asurion Corp.’s $910 million of loans to refinance debt rose in initial trading, according to data provider Markit Group Ltd.

The $610 million first-lien term loan began trading at 99.4 cents on the dollar, according to Markit. The debt was sold to investors at 98.5 cents, according to data compiled by Bloomberg. A $300 million second-lien term loan that was sold to investors at par began trading at 101.73 cents, according to Markit.

The first-lien piece pays interest at 4 percentage points more than the London interbank offered rate while the second-lien portion pays 7.5 percentage points above Libor, the data show. Both the first- and second-lien loans have a 1.5 percent minimum on the lending benchmark.

Morgan Stanley, Bank of America Corp., Goldman Sachs Group Inc., Barclays Plc, Credit Suisse Group AG and Deutsche Bank AG arranged the financing for the provider of wireless handset and roadside assistance, the data show.

Madison Dearborn Partners LLC, Providence Equity Partners Inc. and Welsh Carson Anderson & Stowe acquired Nashville, Tennessee-based Asurion for $4.1 billion in July 2007, Bloomberg data show.

In a revolving credit facility, money can be borrowed again once it’s repaid; in a term loan it can’t.

To contact the reporter on this story: Michael Amato in New York at Mamato3@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.