Press Release

Kirkland Advises Root on Closing of New Term Loan Facility with BlackRock

Kirkland & Ellis advised Root, Inc., the parent company of Root Insurance Company, on the successful completion of a new term loan facility with BlackRock Financial Management Inc., on behalf of funds and accounts under its management, and its affiliates and co-investor (collectively “BlackRock”). The five-year, $300 million term loan will carry an interest rate of term SOFR + 9%. In conjunction with the term loan, Root issued BlackRock warrants equal to 2% of all issued and outstanding shares on a diluted basis at an exercise price of $9.00 per share which carry an expiration date of the earlier of the maturity of the term loan or the full cash repayment of the term loan.

Read the Root press release

The Kirkland team was led by debt finance partners Katie Taylor and David Nemecek and associate Shahryar Rezaie, corporate partners Rajab Abbassi and Caleb Vesey, capital markets partner Sophia Hudson, and insurance regulatory partner Parimah Hassouri.