By Paul A. Harris
Portland, Ore., July 14 – AmWINS Group, Inc. priced a downsized $790 million issue of eight-year senior notes (B3/B-) at par to yield 4 7/8% on Wednesday, according to market sources.
The issue size decreased from $890 million with the shift of $100 million of proceeds to the concurrent bank loan.
The yield printed at the tight end of yield talk in the 5% area, and inside of initial guidance in the mid-5% area.
Goldman Sachs & Co. LLC was the left bookrunner.
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.
The concurrent bank loan increased to $600 million from $500 million with the shift of proceeds to the loan from the bonds.
| Issuer: | AmWINS Group, Inc.
|
| Amount: | $790 million, decreased from $890 million
|
| Maturity: | June 30, 2029
|
| Securities: | Senior notes
|
| Left bookrunner: | Goldman Sachs & Co. LLC
|
| Joint bookrunners: | Barclays, Wells Fargo Securities LLC, Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC
|
| Coupon: | 4 7/8%
|
| Price: | Par
|
| Yield: | 4 7/8%
|
| Spread: | 368 basis points
|
| First call: | June 30, 2024 at 102.438
|
| Trade date: | July 14
|
| Settlement date: | July 19
|
| Ratings: | Moody's: B3
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5% area
|
| Marketing: | Roadshow
|
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