Published on 10/10/2019 in the Prospect News High Yield Daily.
New Issue: Acrisure prices $200 million tap of 8 1/8% notes due 2024 at 106 to yield 6½%
By Paul A. Harris
Portland, Ore., Oct. 10 – Acrisure, LLC and Acrisure Finance, Inc. priced a $200 million add-on to their 8 1/8% senior secured notes due Feb. 15, 2024 (existing ratings B2/B) at 106 to yield 6½% in a quick-to-market Thursday trade, according to a market source.
The reoffer price came at the rich end of the 105.5 to 106 price talk and richer than initial price talk of 105 to 105.5.
J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets LLC and SunTrust Robinson Humphrey Inc. were the joint bookrunners.
The Caledonia, Mich.-based insurance brokerage plans to use the proceeds to fund acquisitions.
Issuers: | Acrisure, LLC and Acrisure Finance, Inc.
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Amount: | $200 million
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Maturity: | Feb. 15, 2024
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Security description: | Add-on to 8 1/8% senior secured notes due Feb. 15, 2024
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Bookrunners: | J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets LLC and SunTrust Robinson Humphrey Inc.
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Coupon: | 8 1/8%
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Price: | 106
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Yield: | 6½%
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Trade date: | Oct. 10
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Settlement date: | Oct. 25 with accrued interest
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Existing ratings: | Moody's: B2
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| S&P: B
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Distribution: | Rule 144A and Regulation S for life
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Price talk: | 105.5 to 106
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Marketing: | Quick to market
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Original issue: | $750 million priced on Jan. 18, 2019
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Total issue size: | $950 million
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