AssuredPartners talks $450 million eight-year notes to yield 7%-7¼%; pricing Friday

By Paul A. Harris

Portland, Ore., July 27 – AssuredPartners, Inc. talked its $450 million offering of eight-year senior notes (Caa2/CCC+) to yield 7% to 7¼%, according to a syndicate source.

Books were scheduled to close on Thursday, except for accounts on the West Coast of the United States for whom books are scheduled to remain open until 10 a.m. ET on Friday.

The Rule 144A and Regulation S for life notes are also set to price on Friday.

Morgan Stanley & Co. LLC, BofA Merrill Lynch, Barclays, RBC Capital Markets LLC, BMO Securities and Macquarie Capital (USA) Inc. are the joint bookrunners.

The notes become callable after three years at par plus 50% of the coupon.

The Lake Mary, Fla.-based insurance brokerage services provider plans to use the proceeds to refinance its second-lien term loan.

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