AmeriLife accelerates deadline to today for $135M add-on term loan

Timing is accelerated for AmeriLife Group LLC's $135 million incremental first-lien term loan, and commitments to the Credit Suisse-led deal, originally due Nov. 18, are now due today by 5 p.m. ET, according to sources. No other changes were announced.

The add-on is offered at 99.25-99.5 and will be fungible with the existing covenant-lite first-lien term loan due March 2027 that is priced at L+400 with a 0% Libor floor. At talk, the yield to maturity is 4.34%-4.40%. Note that the 101 soft call protection will be reset for six months with this transaction.

Proceeds will be used to finance tuck-in acquisitions.

First-lien facility ratings are B/B2, with a 3 recovery rating from S&P Global Ratings, and corporate ratings of B/B3, with stable outlooks.

In February 2020, AmeriLife issued the original $465 million first-lien term loan facility, which included a $390 million funded tranche and a $75 million delayed-draw tranche, as part of the financing supporting the buyout of the company by Thomas H. Lee Partners, and returned to market in August of that year to tack on another $95 million. In November 2020, the company issued an $80 million non-fungible incremental first-lien term loan with the same maturity but at pricing of L+400, with a 0.75% floor. The issuer also has outstanding a $190 million privately placed second-lien term loan.

AmeriLife is engaged in marketing and distributing life, health and retirement solutions.