AmeriLife says it expects to use some of the money to fund
'growth and acquisition strategies.'
If you’re selling a company that markets or
distributes life insurance, health insurance or annuities, AmeriLife Group LLC
might have the cash to buy it.
The Clearwater, Florida-based life, health and
annuity distributor announced today that it has replaced its old credit
facilities with new facilities that can provide up to $395 million in financing.
“Together with cash resources on hand, the new
credit facilities provide AmeriLife with over $100 million of capital to fund
the company’s growth and acquisition strategies,” the company says.
AmeriLife
AmeriLife was founded in 1971. It now
generates about $3 billion in annual annuity premium revenue.
The company has relationships with about 20
insurance marketing organizations, 75 carriers, and 140,000 agents and brokers.
In February, the company announced that it had
acquired Dallas Financial Wholesalers. AmeriLife did not say how much it was
paying for DFW, but it reported that Ron Rawlings, the founder, would be
keeping a minority interest in the firm.
Scott Perry, AmeriLife’s chief executive
officer, said in a statement that AmeriLife will continue to focus on serving
the pre-retiree and retiree markets.
The Financing
J.C. Flowers & Co. has been AmeriLife’s
majority equity owner since 2015, the company says.
The list of companies providing the new credit
facilities includes Credit Suisse, which led the offering; and SunTrust
and Deutsche Bank, which served as joint lead arrangers, according to
AmeriLife.
The new facilities include a $250 million
first lien term loan, a $70 million second lien term loan, a $35 million
delayed draw first lien term loan and a $40 million revolving credit facility.
No comments:
Post a Comment