National Financial Partners (NFP), a provider of benefits, insurance and wealth management services, announced terms of a new credit facility, with Bank of America as administrative agent.
NFP closed a new $325 million senior secured credit facility, which is structured as a revolving credit facility and has a five year term, due in February 2018.
The facility refinanced and replaced NFP’s former credit facility that was due in July 2014. NFP intends to use the net proceeds from this facility for general corporate purposes. In addition, NFP continues to have $125 million aggregate principal amount of 4% convertible senior notes outstanding due June 2017, which were issued in 2010.