By Paul A. Harris
Portland, Ore., Dec. 12 – AmWINS Group, Inc. priced a $250 million add-on to its 7¾% senior notes due July 1, 2026 (B3/B-) at 104.5 with a 6.883% yield to maturity, according to market sources.
The issue price came at the rich end of the 104 to 104.5 price talk.
Books oversubscribed with orders amounting to four-times the size of the offering drove pricing well rich to earlier guidance of 103 to 104, an investor said.
Goldman Sachs & Co. LLC was the left bookrunner. Joint bookrunners were Barclays, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC.
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.
Issuer: | AmWINS Group, Inc.
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Amount: | $250 million
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Maturity: | July 1, 2026
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Security description: | Add-on to 7¾% senior notes due July 1, 2026
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Left bookrunner: | Goldman Sachs & Co. LLC
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Joint bookrunners: | Barclays, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC
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Coupon: | 7¾%
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Price: | 104.5
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Yield to maturity: | 6.883%
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Spread: | 506 bps
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First call: | July 1, 2021 at 105.813
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Trade date: | Dec. 12
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Settlement date: | Dec. 17
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Ratings: | Moody's: B3
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| S&P: B-
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Distribution: | Rule 144A for life and Regulation S
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Price talk: | 104 to 104.5
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Marketing: | Roadshow
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Original issue: | $300 million priced in June 2018
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Total issue size: | $550 million
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