By Paul A. Harris
Portland, Ore., Jan. 20 – Ryan Specialty Group Holdings, Inc. priced a $400 million issue of eight-year senior secured notes (B1/BB-) at par to yield 4 3/8% on Thursday, according to market sources.
The yield printed 12.5 basis points inside of the 4½% to 4¾% price talk. Initial guidance was 4¾% to 5%.
Timing was accelerated. When announced, the deal had been expected to remain in the market until Friday.
J.P. Morgan Securities LLC was the lead.
The notes were issued via Ryan Specialty Group LLC.
The Chicago-based wholesale insurance broker and managing underwriter plans to use the proceeds for general corporate purposes, including future acquisition opportunities and investments.
| Issuer: | Ryan Specialty Group LLC
|
| Amount: | $400 million
|
| Issue: | Senior secured notes
|
| Maturity: | Feb. 1, 2030
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 4 3/8%
|
| Price: | Par
|
| Yield: | 4 3/8%
|
| Spread: | 260 bps
|
| First call: | Feb. 1, 2025 at 102.188
|
| Trade date: | Jan. 20
|
| Settlement date: | Feb. 3
|
| Ratings: | Moody's: B1
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 4½% to 4¾%
|
| Marketing: | Drive-by
|
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