AssuredPartners launches upsized $500 million eight-year notes at 7%; pricing Friday

By Paul A. Harris

Portland, Ore., July 28 – AssuredPartners, Inc. launched an upsized $500 million offering of eight-year senior notes (Caa2/CCC+) at 7%, at the tight end of the 7% to 7¼% talk, according to a syndicate source.

The Rule 144A and Regulation S for life deal, which is upsized from $450 million, is 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. The additional proceeds resulting from the $50 million upsizing, will be used to repay debt under the company's revolving credit facility.

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