Acrisure driving by with $925 million five-year unsecured notes; initial talk mid-8% area

By Paul A. Harris

Portland, Ore., Jan. 16 – Acrisure, LLC and Acrisure Finance, Inc. plan to price a $925 million offering of senior notes due 2029 (Caa2/CCC+) in a Tuesday drive-by, according to market sources.

Initial guidance has the notes coming to yield in the mid-8% area.

The Rule 144A and Regulation S five-year notes come with two years of call protection.

J.P. Morgan Securities LLC is leading the notes sale.

The Grand Rapids, Mich.-based insurance and financial services company plans to use the proceeds to redeem all of its outstanding 7% senior notes due 2025.

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