Ardonagh markets $500 million 6.5-year PIK toggle notes offering

By Paul A. Harris

Portland, Ore., June 22 – Ardonagh Midco 2 plc plans to kick off a $500 million offering of 6.5-year senior PIK toggle notes on an 11 a.m. ET Tuesday investor call, according to a syndicate source.

The deal is expected to be in the market through Thursday.

BofA Securities Inc. is the left global coordinator. Barclays and Deutsche Bank Securities Inc. are the joint global coordinators.

Goldman Sachs & Co. and NatWest Investments are the joint bookrunners.

The Rule 144A and Regulation S for life notes come with two years of call protection.

The London-based insurance brokerage plans to use the proceed, together with certain proceeds from its term facility, to fund the redemption of its existing notes, as well as to repay drawn amounts under its revolver, to fund the Arachas, Bravo and Bennetts acquisitions and for general corporate purposes.

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