AmWINS talks $890 million eight-year notes to yield in 5% area; pricing Wednesday

By Paul A. Harris

Portland, Ore., July 14 – AmWINS Group Inc. talked its $890 million offering of eight-year senior notes (B3/B-) to yield in the 5% area, according to market sources.

Official talk comes inside of initial guidance in the mid-5% area.

The deal is set to price later on Wednesday.

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.

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