AssuredPartners driving by with $500 million eight-year notes; initial talk high-7% area

By Paul A. Harris

Portland, Ore., Feb. 7 – AssuredPartners, Inc. plans to price a $500 million offering of senior notes to 2032 (Caa2/CCC+) in a Wednesday drive-by following a conference call with investors, according to market sources.

Initial guidance has the notes coming to yield in the high-7% area, a trader said.

The Rule 144A and Regulation S eight-year notes come with three years of call protection.

Goldman Sachs & Co. LLC is the left bookrunner. Morgan Stanley & Co. LLC, BofA Securities Inc., Barclays, J.P. Morgan Securities LLC, BMO Capital Markets Corp., RBC Capital Markets LLC, Deutsche Bank Securities Inc., UBS Securities LLC, Macquarie Capital (USA) Inc. and ING Financial Markets LLC are the joint bookrunners.

The Lake Mary, Fla.-based insurance brokerage services provider plans to use the proceeds to repay its 7% senior notes due August 2025.

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