...+ Grand Rapids, Mich.-based insurance broker Acrisure entered into a definitive agreement for a management-led buyout with Abry Partners and a consortium of minority investors to recapitalize the company. + We are affirming our ratings on Acrisure and its core subsidiary and assigning debt ratings. + The stable outlook reflects our view that Acrisure will continue to produce favorable margins and earnings growth. NEW YORK (S&P Global Ratings) Oct. 21, 2016--S&P Global Ratings said today it affirmed its 'B' long-term corporate credit ratings on Acrisure Holdings Inc. and its core subsidiaries. The outlook is stable. At the same time, we assigned Acrisure's proposed $1.4 billion first-lien credit facilities (which consist of a $1.1 billion term loan due 2023, a $200 million revolver due 2021, and a $110 million delayed-draw to fund deals under signed letters of intent due 2023) our 'B' debt rating with a '3' recovery rating, indicating our expectation of meaningful (50%-70%) recovery in the...
