New Issue: AssuredPartners sells upsized $550 million eight-year notes at par to yield 5 5/8%

By Paul A. Harris

Portland, Ore., Dec. 3 – AssuredPartners Inc. priced an upsized $550 million issue of senior notes due Jan. 15, 2029 (existing ratings Caa2/CCC+) at par to yield 5 5/8% in a Thursday drive-by, according to market sources.

The deal, heard to be six-times oversubscribed, was upsized from $500 million.

The yield printed 12.5 basis points tighter than yield talk in the 5 7/8% area. Initial guidance was in the 6% area.

Left lead bookrunner Morgan Stanley & Co. LLC will bill and deliver. Joint bookrunners were 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.

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. The additional proceeds resulting from the $50 million upsizing of the deal will also be used for general corporate purposes.

Issuer:	AssuredPartners Inc.
Amount:	$550 million, increased from $500 million
Maturity:	Jan. 15, 2029
Securities:	Senior notes
Left lead bookrunner:	Morgan Stanley & Co. LLC (bill and deliver)
Joint bookrunners:	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
Coupon:	5 5/8%
Price:	Par
Yield:	5 5/8%
Spread:	488 bps
First call:	Dec. 15, 2023 at 102.813
Equity clawback:	40% at 105.625 until Dec. 15, 2023
Trade date:	Dec. 3
Settlement date:	Dec. 10
Ratings:	Moody's: Caa2
	S&P: CCC+
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	5 7/8% area
Marketing:	Drive-by

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