New Issue: AssuredPartners prices $500 million eight-year notes at par to yield 7½%

By Paul A. Harris

Portland, Ore., Feb. 7 – AssuredPartners, Inc. priced a $500 million issue of eight-year senior notes (Caa2/CCC+) at par to yield 7½% in a Wednesday drive-by, according to market sources.

The yield printed at the tight end of the 7½% to 7¾% yield talk. Initial guidance was in the high-7% area.

The notes will have three years of call protection.

Goldman Sachs & Co. LLC (left), 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 were the bookrunners.

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

Issuer:	AssuredPartners, Inc.
Amount:	$500 million
Securities:	Senior notes
Maturity:	Feb. 15, 2032
Bookrunners:	Goldman Sachs & Co. LLC (left), 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., ING Financial Markets LLC
Coupon:	7½%
Price:	Par
Yield:	7½%
Spread:	Treasuries plus 339 bps
Call protection:	Three years
Trade date:	Feb. 7
Settlement date:	Feb. 14
Ratings:	Moody’s: Caa2
	S&P: CCC+
Distribution:	Rule 144A and Regulation S
Price talk:	7½% to 7¾%
Marketing:	Drive-by

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