Bulletin: Acrisure Holdings Inc.'s Proposed Add-On Debt Issuance Does Not Affect Our Ratings

NEW YORK (S&P Global Ratings) Jan. 22, 2020--S&P Global Ratings said today that its ratings on Acrisure Holdings Inc. and its core subsidiaries (B/Stable/--) are unchanged following the company's announcement that it intends to raise $750 million via an add-on to its existing term loan B facility--along with certain other secured debt financing--during the loan syndication period. We expect the add-on to have identical terms to the company's existing senior secured borrowings and for Acrisure to use the proceeds to fund acquisitions and pay related fees and expenses. For the 12 months ended Sept. 30, 2019, the company reported total revenues of $1.5 billion and pro forma adjusted EBITDA of $661 million (about 34% adjusted margin) per our calculations, which

...January 22, 2020 NEW YORK (S&P Global Ratings) Jan. 22, 2020--S&P Global Ratings said today that its ratings on Acrisure Holdings Inc. and its core subsidiaries (B/Stable/--) are unchanged following the company's announcement that it intends to raise $750 million via an add-on to its existing term loan B facility--along with certain other secured debt financing--during the loan syndication period. We expect the add-on to have identical terms to the company's existing senior secured borrowings and for Acrisure to use the proceeds to fund acquisitions and pay related fees and expenses. For the 12 months ended Sept. 30, 2019, the company reported total revenues of $1.5 billion and pro forma adjusted EBITDA of $661 million (about 34% adjusted margin) per our calculations, which exclude certain add-back items. We expect total revenue to exceed $2.0 billion for full-year 2020. Our financial risk profile assessment assumes a debt-intensive capital structure comprising debt and debt-like instruments....

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