AmWINS driving by with $750 million five-year secured notes; initial talk mid-to-high 6% area

By Paul A. Harris

Portland, Ore., Feb. 12 – AmWINS Group, Inc. plans to price a $750 million offering of senior secured notes due 2029 (Ba3/B+) in a Monday drive-by trailing a conference call with investors, according to market sources.

Initial guidance has the notes coming to yield in the mid-to-high 6% area, a trader said.

The Rule 144A and Regulation S for life five-year notes come with two years of call protection.

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

The Charlotte, N.C.-based specialty insurance broker plans to use the proceeds plus approximately $478 million of balance sheet cash to finance two acquisitions with an aggregate purchase price of approximately $167 million, also for general corporate purposes, including future acquisitions, and to make restricted payments of $1.05 billion.

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