By Paul A. Harris
Portland, Ore., Jan. 16 – Acrisure, LLC and Acrisure Finance, Inc. priced a $925 million issue of five-year senior notes (Caa2/CCC+) at par to yield 8¼% in a Tuesday drive-by, according to market sources.
The yield printed at the tight end of the 8¼% to 8½% yield talk. Initial guidance was in the mid-8% area.
The deal was heard to be more than two-times oversubscribed, according to a trader who saw the new bonds change hands at par ¾ on Tuesday afternoon.
J.P. Morgan Securities LLC was the lead bookrunner.
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.
Issuers: | Acrisure, LLC and Acrisure Finance, Inc.
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Amount: | $925 million
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Securities: | Senior notes
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Maturity: | Feb. 1, 2029
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Bookrunner: | J.P. Morgan Securities LLC
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Coupon: | 8¼%
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Price: | Par
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Yield: | 8¼%
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Spread: | Treasuries plus 426 bps
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First call: | Feb. 1, 2026 at 104.125
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Trade date: | Jan. 16
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Settlement date: | Jan. 30
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Ratings: | Moody’s: Caa2
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| S&P: CCC+
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Distribution: | Rule 144A and Regulation S
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Price talk: | 8¼% to 8½%
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Marketing: | Drive-by
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