By Paul A. Harris
Portland, Ore., Feb. 12 – AmWINS Group, Inc. priced a $750 million issue of five-year senior secured notes (Ba3/B+) at par to yield 6 3/8% in a Monday drive-by, according to market sources.
The yield printed at the tight end of yield talk in the 6˝% area. Initial guidance was in the mid-to-high 6% area.
Goldman Sachs & Co. LLC was the left bookrunner. Joint bookrunners were Barclays, J.P. Morgan Securities LLC, Wells Fargo Securities LLC and Morgan Stanley & Co. LLC.
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 about $167 million, also for general corporate purposes, including future acquisitions, and to make restricted payments of $1.05 billion.
| Issuer: | AmWINS Group, Inc.
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| Amount: | $750 million
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| Issue: | Senior secured notes
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| Maturity: | Feb. 15, 2029
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| Left bookrunner: | Goldman Sachs & Co. LLC
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| Joint bookrunners: | Barclays, J.P. Morgan Securities LLC, Wells Fargo Securities LLC and Morgan Stanley & Co. LLC
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| Coupon: | 6 3/8%
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| Price: | Par
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| Yield: | 6 3/8%
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| Spread: | 224 bps
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| Trade date: | Feb. 12
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| Settlement date: | Feb. 15
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| Ratings: | Moody’s: Ba3
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| S&P: B+
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 6˝% area
|
| Marketing: | Drive-by
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