Alliant talks $535 million eight-year notes to yield in 8¼% area; pricing Thursday

By Paul A. Harris

Portland, Ore., July 28 – Alliant Holdings Co-Issuer, Inc., which is to be merged with and into Alliant Holdings I, LP, talked its $535 million offering of eight-year senior notes (Caa2/CCC+) to yield in the 8¼% area, a syndicate source said on Tuesday.

Books are scheduled to close at the Wednesday close of business on the East Coast of the United States, except for accounts on the West Coast.

The Rule 144A and Regulation S for life deal is set to price Thursday morning.

UBS Investment Bank is the lead left physical bookrunner. Morgan Stanley & Co. LLC is the joint physical bookrunner.

Jefferies LLC, KKR Capital Markets, Macquarie, MCS Capital Markets and Nomura are joint bookrunners.

The notes come with three years of call protection.

The issuing vehicle is Wayne Merger Sub, LLC.

Proceeds will be used to help fund the purchase of a significant equity interest in the Newport Beach, Calif.-based specialty insurance brokerage firm by Stone Point Capital LLC, as well as to refinance and redeem debt.

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