Golub Capital has acted as Administrative Agent, Lead Arranger and Joint Bookrunner on a $700m delayed draw term loan for US insurance broker Risk Strategies, a portfolio company of PE firm Kelso & Company, increasing the company’s unitranche facility to $4.45bn.
Golub Capital agreed to hold a meaningful portion of the incremental loan, adding to its already significant position in the credit and led a syndication process for the remainder. The firm generated an oversubscribed book, allowing the transaction to be upsized from $500m to $700m while also tightening terms from initial talk.
Golub Capital started its relationship with Risk Strategies in 2015, when it was a $30m EBITDA business. In 2019, the direct lender acted as Administrative Agent on a $1.64bn unitranche facility to refinance Risk Strategies’ existing debt facilities. Since then, the unitranche has more than doubled in size.
