AssuredPartners driving by with $500 million eight-year senior notes; initial guidance in 6% area

By Paul A. Harris

Portland, Ore., Dec. 3 – AssuredPartners Inc. plans to price a $500 million offering of senior notes due Jan. 15, 2029 (existing ratings Caa2/CCC+) in a Thursday drive-by trailing a mid-morning conference call with investors, according to market sources.

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

Left lead bookrunner Morgan Stanley & Co. LLC will bill and deliver. Barclays, BMO Capital Markets Corp., BofA Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, RBC Capital Markets LLC, Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, Mizuho Securities USA Inc., Macquarie Capital (USA) Inc. and ING Financial Markets LLC are the joint bookrunners.

The notes, which have an approximately eight-year tenor, become callable after three years at par plus 50% of the coupon.

The Lake Mary, Fla.-based provider of property and casualty and employee benefits insurance brokerage services plans to use the proceeds for general corporate purposes, including acquisitions.

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