By Abigail W. Adams
Portland, Me., Dec. 6 – Alliant Holdings Intermediate LLC and Alliant Holdings Co-Issuer Inc. priced $750 million seven-year senior secured notes (B2/B) at par to yield 7% on Wednesday, according to a market source.
Pricing came at the midpoint of talk for a yield in the 7% area. Early guidance was for a yield in the mid-7% area.
The notes are non-callable for three years.
Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC led the Rule 144A and Regulation S offering.
SPC Capital Markets LLC, BofA Securities Inc. Capital One Securities Inc., Fifth Third Securities Inc., Goldman Sachs & Co. LLC, KKR Capital Markets LLC, Macquarie Capital (USA) Inc., R. Seelaus & Co. LLC, RBC Capital Markets LLC and Truist Securities Inc. were also joint bookrunners.
There is an equity clawback for up to 40% of the issue and a 101 put.
Proceeds, alongside a concurrent term loan, will be used to repay a corresponding principal amount of existing term loans.
Alliant Holdings is an Eden Prairie, Minn.-based insurance brokerage holding company.
| Issuers: | Alliant Holdings Intermediate LLC and Alliant Holdings Co-Issuer Inc.
|
| Amount: | $750 million
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| Issue: | Senior secured notes
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| Maturity: | Jan. 15, 2031
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| Joint bookrunners: | Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, SPC Capital Markets LLC, BofA Securities Inc. Capital One Securities Inc., Fifth Third Securities Inc., Goldman Sachs & Co. LLC, KKR Capital Markets LLC, Macquarie Capital (USA) Inc., R. Seelaus & Co. LLC, RBC Capital Markets LLC and Truist Securities Inc.
|
| Coupon: | 7%
|
| Price: | Par
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| Yield: | 7%
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| Spread: | 290 bps
|
| First call: | Jan. 15, 2027 at 103.5
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| Equity clawback: | For up to 40% of issue
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| Trade date: | Dec. 6
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| Settlement date: | Dec. 14
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| Ratings: | Moody’s: B2
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| S&P: B
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| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7% area
|
| Marketing: | Net roadshow
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