By Paul A. Harris
Portland, Ore., July 27 – Acrisure LLC and Acrisure Finance Inc. priced a $500 million issue of eight-year senior notes (Caa2/CCC+) at par to yield 6% on Tuesday, according to market sources.
The yield printed at the wide end of yield talk in the 5 7/8% area and on top of initial guidance in the 6% area.
J.P. Morgan Securities LLC was at the left of a syndicate of bookrunners that also included RBC Capital Markets LLC, BMO Capital Markets Corp., Truist Securities Inc., TD Securities (USA) LLC and BofA Securities Inc.
The Grand Rapids, Mich.-based insurance distribution platform plans to use the proceeds to pay down its revolving credit facility.
| Issuer: | Acrisure LLC and Acrisure Finance Inc.
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| Amount: | $500 million
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| Maturity: | Aug. 1, 2029
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| Securities: | Senior notes
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| Bookrunners: | J.P. Morgan Securities LLC, RBC Capital Markets LLC, BMO Capital Markets Corp., Truist Securities Inc., TD Securities (USA) LLC and BofA Securities Inc.
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| Coupon: | 6%
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| Price: | Par
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| Yield: | 6%
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| Spread: | 491 bps
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| Call protection: | Three years
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| Trade date: | July 27
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| Settlement date: | Aug. 10
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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 for life
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| Price talk: | 5 7/8% area
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| Marketing: | Roadshow
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