Alliant to price $300 million tap of 6¾% notes due 2027 on Tuesday; initial talk 99.5 to par

By Paul A. Harris

Portland, Ore., April 21 – Alliant Holdings Intermediate LLC and Alliant Holdings Co-Issuer plan to price a $300 million add-on to their 6¾% senior notes due Oct. 15, 2027 (existing ratings Caa2/CCC+) in a Tuesday drive-by following a mid-morning conference call with investors, according to market sources.

Initial price talk is 99.5 to par, a trader said.

Lead left bookrunner Morgan Stanley & Co. LLC will bill and deliver in the Rule 144A and Regulation S for life transaction.

The notes become callable on Oct. 15, 2022 at 103.375. They feature a 40% equity clawback at 106.75 until Oct. 15, 2022 and a 101% poison put.

The Eden Prairie, Minn.-based insurance brokerage plans to use the proceeds to pay off its senior secured revolving credit facility and for general corporate purposes.

The original $690 million issue priced in October 2019.

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