AmWINS talks $250 million tap of 7¾% notes due 2026 at 104-104.5; pricing Thursday

By Paul A. Harris

Portland, Ore., Dec. 12 – AmWINS Group, Inc. talked a $250 million add-on to its 7¾% senior notes due July 1, 2026 (B3/B-) to price at 104 to 104.5, according to market sources.

Books oversubscribed with orders amounting to four-times the size of the offering drove pricing that is well rich to earlier guidance of 103 to 104, an investor said.

Final close of books is set for noon ET on Thursday, and the Rule 144A and Regulation S for life deal is set to price later on Thursday.

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

The notes become callable on July 1, 2021 at 105.813.

The Charlotte, N.C.-based insurance brokerage plans to use the proceeds, together with incremental term loans and cash on hand, to declare a $500 million dividend payable to Holdings, which will use these funds to declare a pro rata distribution payable to its owners, and make payments to certain holders of stock options of AmWINS Group and unvested units of Holdings required in connection with the dividend.

The original $300 million issue priced in June 2018.

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