AmWINS Group to price $890 million eight-year notes on Wednesday; whisper mid-5% area

By Paul A. Harris

Portland, Ore., July 13 – AmWINS Group Inc. plans to price an $890 million offering of eight-year senior notes (existing ratings B3/B-) on Wednesday, according to market sources.

Initial guidance has the deal coming to yield in the mid-5% area.

The deal was head to be playing to $2.7 billion of demand on Tuesday afternoon, a trader said.

Goldman Sachs & Co. LLC is the left bookrunner. Barclays, Wells Fargo Securities LLC, Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC are the joint bookrunners.

The Rule 144A and Regulation S for life notes become callable after three years at par plus 50% of the coupon.

The Charlotte, N.C.-based specialty insurance broker plans to use the proceeds to repay its 7¾% senior notes due 2026, make restricted payments of up to $750 million to the extent permitted by the indenture in its senior secured credit facilities, and for general corporate purposes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.