By Paul A. Harris
Portland, Ore., Jan. 18 – Acrisure LLC and Acrisure Finance Inc. priced an upsized $750 million issue of five-year senior secured notes (B3/B) at par to yield 8 1/8% on Friday, according to market sources.
The issue size increased from $500 million.
The yield printed at the tight end of yield talk in the 8¼% area and inside of early guidance in the mid 8% area.
The deal was heard to be playing to a $2 billion order book on Friday morning, a trader said.
J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets LLC and SunTrust Robinson Humphrey Inc. were the joint bookrunners.
The Grand Rapids, Mich.-based insurance brokerage plans to use the proceeds, including the additional proceeds resulting from the $250 million upsizing of the issue, to fund acquisitions and for general corporate purposes.
| Issuers: | Acrisure, LLC and Acrisure Finance, Inc.
|
| Amount: | $750 million, increased from $500 million
|
| Tenor: | Feb. 15, 2024
|
| Securities: | Senior secured notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets LLC, SunTrust Robinson Humphrey Inc.
|
| Coupon: | 8 1/8%
|
| Price: | Par
|
| Yield: | 8 1/8%
|
| Spread: | 551 bps
|
| Call protection: | Two years
|
| Trade date: | Jan. 18
|
| Settlement date: | Jan. 30
|
| Ratings: | Moody's: B3
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 8¼% area
|
| Marketing: | Roadshow
|
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