By Paul A. Harris
Portland, Ore., Dec. 8 – Jones DesLauriers Insurance Management Inc., a broker partner of Navacord Inc., priced a $300 million issue of 10½% eight-year senior notes (Caa2/CCC/CCC+) at 97.384 to yield 11% on Thursday, according to market sources.
The yield printed at the wide end of the 10¾% to 11% yield talk but snug to early guidance in the high-10% to low-11% area.
BofA was the left bookrunner. Joint bookrunners were BMO, CIBC and TD.
The Mississauga, Ont.-based corporate insurance and financial services provider plans to use the proceeds to repay its second-lien credit facilities and for general corporate purposes, including future acquisitions.
| Issuer: | Jones DesLauriers Insurance Management Inc.
|
| Amount: | $300 million
|
| Issue: | Senior notes
|
| Maturity: | Dec. 15, 2030
|
| Left bookrunner: | BofA
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| Joint bookrunners: | BMO, CIBC, TD
|
| Coupon: | 10½%
|
| Price: | 97.384
|
| Yield: | 11%
|
| First call: | Dec. 15, 2025 at 105.25
|
| Trade date: | Dec. 8
|
| Settlement date: | Dec. 15
|
| Ratings: | Moody's: Caa2
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| S&P: CCC
|
| Fitch: CCC+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 10¾% to 11%
|
| Marketing: | Roadshow
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