NFP to sell $300 million five-year secured notes in Monday drive-by

By Paul A. Harris

Portland, Ore., May 4 – NFP Corp. plans to price a $300 million offering of five-year senior secured notes (expected ratings B2/B) in a Monday drive-by trailing a late-morning conference call with investors, according to a market source.

BofA Securities Inc., Barclays, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, SMBC Nikko Securities America Inc., TD Securities (USA) LLC, MUFG and CIBC World Markets Corp. are the joint bookrunners.

Deutsche Bank Securities Inc., Regions Securities Inc., UBS Investment Bank, KKR Capital Markets and Macquarie Capital are the co-managers.

The Rule 144A for life notes become callable after two years at par plus 50% of the coupon. The notes also feature a two-year 40% equity clawback at par plus the coupon, and a 101% poison put.

The New York-based insurance broker and consultant plans to use the proceeds for general corporate purposes.

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