Published on 7/28/2017 in the Prospect News High Yield Daily.
New Issue: AssuredPartners prices upsized $500 million eight-year notes at par to yield 7%
By Paul A. Harris
Portland, Ore., July 28 – AssuredPartners, Inc. launched and priced an upsized $500 million issue of eight-year senior notes (Caa2/CCC+) at par to yield 7% on Friday, according to a syndicate source.
The issue size was increased from $450 million.
The yield printed at the tight end of the 7% to 7¼% yield talk.
Morgan Stanley & Co. LLC, BofA Merrill Lynch, Barclays, RBC Capital Markets LLC, BMO Securities and Macquarie Capital (USA) Inc. were the joint bookrunners.
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.
| Issuer: | AssuredPartners, Inc.
|
| Amount: | $500 million, increased from $450 million
|
| Maturity: | Aug. 15, 2025
|
| Securities: | Senior notes
|
| Bookrunners: | Morgan Stanley & Co. LLC, BofA Merrill Lynch, Barclays, RBC Capital Markets LLC, BMO, Macquarie
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Spread: | 479 bps
|
| Call: | Make-whole call at Treasuries plus 50 bps until Aug. 15, 2020, then callable at 103.5
|
| Equity clawback: | 40% at 107 until Aug. 15, 2020
|
| Trade date: | July 28
|
| Settlement date: | Aug. 2
|
| Ratings: | Moody's: Caa2
|
| S&P: CCC+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 7% to 7¼%
|
| Marketing: | Roadshow
|
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