By Paul A. Harris
Portland, Ore., June 28 – AmWINS Group, Inc. priced a $300 million issue of eight-year senior notes (Caa1/B-) at par to yield 7¾% on Thursday, according to a syndicate source.
The yield printed in the middle of yield talk in the 7¾% area.
Goldman Sachs & Co. was the left bookrunner. Barclays, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC were the joint bookrunners.
The Charlotte, N.C.-based specialty insurance broker plans to use the proceeds, together with proceeds from its term loans and cash on hand, to pay off its second-lien credit facility and first-lien revolving credit facility as well as to fund a dividend and make payments to certain holders of stock options related to the dividend.
| Issuer: | AmWINS Group, Inc.
|
| Amount: | $300 million
|
| Maturity: | July 1, 2026
|
| Securities: | Senior notes
|
| Left bookrunner: | Goldman Sachs & Co.
|
| Joint bookrunners: | Barclays, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Wells Fargo Securities LLC
|
| Coupon: | 7¾%
|
| Price: | Par
|
| Yield: | 7¾%
|
| Spread: | 491 bps
|
| Call protection: | Three years
|
| Trade date: | June 28
|
| Settlement date: | July 6
|
| Ratings: | Moody's: Caa1
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 7¾% area
|
| Marketing: | Roadshow
|
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