| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Truist Insurance Holdings, LLC > News item |
Panther Escrow expected to price $2.75 billion secured notes backing TIH buyout on Friday
By Paul A. Harris
Portland, Ore., March 21 – Panther Escrow Issuer, LLC, along with Panther Co-Issuer, Inc., is expected to price a $2.75 billion offering of seven-year senior secured notes (expected ratings B2/B/B+) on Friday, according to market sources.
The deal comes in order to finance the buyout of TIH, LLC (formerly known as Truist Insurance Holdings) by Stone Point Capital and Clayton, Dubilier & Rice.
Initial guidance is in the 7¼% area.
The deal officially rolls out on a 10 a.m. ET conference call with investors on Friday morning.
The Rule 144A for life and Regulation S notes come with three years of call protection, and a special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.
Joint bookrunner Morgan Stanley & Co. LLC will bill and deliver. BofA Securities Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Truist Securities Inc., Stone Point Capital Markets, Barclays, RBC Capital Markets LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, KKR Capital Markets LLC, BNP Paribas Securities Corp., Mizuho Securities USA Inc., TD Securities (USA) LLC, Apollo Global Securities LLC, Santander US Capital Markets LLC, Jefferies LLC, UBS Securities LLC, BMO Capital Markets Corp., Capital One Securities Inc., Citizens Capital Markets Inc., Natixis Securities Americas LLC and Stifel Nicolaus & Co. Inc. are also joint bookrunners.
The buyout, announced in February, is an all-cash transaction that values TIH at an implied enterprise value of $15.5 billion.
TIH is a financial services company that maintains headquarters Charlotte, N.C., Greenwich, Conn., and New York.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.