By Paul A. Harris
Portland, Ore., July 30 – Alliant Holdings I, LP priced a $535 million issue of eight-year senior notes (Caa2/CCC+) at par to yield 8¼% on Thursday, according to a syndicate source.
The yield printed on top of yield talk.
UBS Investment Bank was the lead left physical bookrunner. Morgan Stanley & Co. LLC was the joint physical bookrunner.
Jefferies LLC, KKR Capital Markets, Macquarie, MCS Capital Markets and Nomura are joint bookrunners.
The issuing vehicle is Wayne Merger Sub, LLC, which will be merged with and into Alliant Holdings.
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.
| Issuer: | Wayne Merger Sub, LLC
|
| Amount: | $535 million
|
| Maturity: | Aug. 1, 2023
|
| Securities: | Senior notes
|
| Left physical bookrunner: | UBS Investment Bank
|
| Joint physical bookrunner: | Morgan Stanley & Co. LLC
|
| Joint bookrunners: | Jefferies LLC, KKR Capital Markets, Macquarie, MCS Capital Markets, Nomura
|
| Coupon: | 8¼%
|
| Price: | Par
|
| Yield: | 8¼%
|
| Spread: | 608 bps
|
| Call: | Make-whole call at Treasuries plus 50 bps until Aug. 1, 2018, then callable at 104.125
|
| Equity clawback: | 40% at 108.25 until Aug. 1, 2018
|
| Change-of-control put: | 101%
|
| Trade date: | July 30
|
| Settlement date: | Aug. 13
|
| Ratings: | Moody's: Caa2
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 8¼% area
|
| Marketing: | Roadshow
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
