Ryan Specialty Holdings, an international specialty insurance firm, repriced its $1.65 billion term loan debt, which is expected to reduce its annual cash interest expense by approximately $5.6 million. According to an 8K filed with the SEC, JPMorgan Chase is the administrative agent for the credit agreement for the term loan.
The repriced term loan bears an interest rate of SOFR plus 2.75%, an improvement of 25 basis points from the prior term loan, and no longer contains a credit spread adjustment. The term loan’s maturity date of September 2027 and other material provisions remain unchanged.
