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Ardonagh intends to price $2.04 billion equivalent in dollar-, euro-denominated notes Feb. 5 week
By Paul A. Harris
Portland, Ore., Feb. 5 – Ardonagh Group began a roadshow on Monday for an approximately $2.04 billion equivalent three-part offering of high-yield notes, according to market sources.
Ardonagh Finco Ltd. is offering two tranches of seven-year senior secured notes, which come with three years of call protection, in sizes of $500 million and €500 million. A special call provision allows the issuer to redeem 10% of the secured notes annually at 103 during the non-call period.
Ardonagh Group Finance Ltd. is offering a single $1 billion tranche of eight-year senior notes with three years of call protection.
Initial talk on the dollar-denominated tranches has the seven-year secured notes coming to yield in the 8% area and the eight-year unsecured notes coming to yield in the 9% area.
Credit ratings remain to be determined.
The Rule 144A for life and Regulation S deal, which was scheduled to kick off on Monday morning investor calls from London and New York, is expected price later in the Feb. 5 week.
Joint bookrunner Morgan Stanley is the left lead on the dollar-denominated notes. Joint bookrunner Goldman Sachs International is the left lead on the euro-denominated notes. Barclays, BofA, Deutsche Bank, HSBC, Jefferies, JPMorgan, KKR, Lloyds, NatWest, Nomura and TD are also joint bookrunners.
The London-based insurance brokerage plans to use the proceeds plus drawings under its term facilities to redeem its existing notes, to repay drawn amounts under its outstanding senior secured credit facilities and for general corporate purposes, including one or more acquisition opportunities in the near term, as well as to fund cash to its balance sheet.
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