Insurance broker Acrisure Holdings Inc. is issuing a $450 million first-lien and a $175 million second-lien term loan add-on debt to fund acquisitions under signed and submitted letters of intent (LOIs). We are affirming our 'B' credit ratings on Acrisure and its core subsidiaries, as well as our issue-level ratings on the company's debt. The stable outlook reflects our expectation that Acrisure will sustain favorable operating trends, deleveraging in line with our expectations of about 7.0x-7.5x by year-end 2017. On April 25, 2017, S&P Global Ratings 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 affirmed our 'B' issue-level ratings, with a '3 {65%)' recovery
