AssuredPartners starts roadshow for $475 million eight-year notes

By Paul A. Harris

Portland, Ore., April 29 – AssuredPartners, Inc. started a roadshow on Monday for a $475 million offering of eight-year senior notes (existing ratings Caa2/CCC+), according to a syndicate source.

The roadshow wraps up on Wednesday.

BofA Merrill Lynch is the left bookrunner. Barclays, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BMO Securities, RBC Capital Markets LLC, Deutsche Bank Securities Inc., Macquarie Capital and ING are joint bookrunners.

The Rule 144A and Regulation S for life notes become callable after three years at par plus 50% of the coupon.

The issuing entity will be GTCR (AP) Finance Inc., which is to be merged with and into AssuredPartners, a Louisville-based insurance brokerage.

Proceeds, together with cash on hand and proceeds from the sale of TopCo preferred equity, common equity contributions and common equity rollover contributions, will be used to finance the acquisition of AssuredPartners by an investment group led by GTCR LLC, and to repay bank debt.

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