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Jones DesLauriers Insurance/Navacord $300 million notes due 2030 talked to yield 10¾%-11%
By Paul A. Harris
Portland, Ore., Dec. 8 – Jones DesLauriers Insurance Management Inc., a broker partner of Navacord Inc., talked its $300 million offering of senior notes due 2030 (Caa2/CCC/CCC+) to yield 10¾% to 11% on Thursday, according to market sources.
Official talk came snug to guidance in the high-10% to low-11% initial talk.
Books were scheduled to close at 4 p.m. ET on Thursday.
BofA, BMO, CIBC and TD are the joint bookrunners.
The Rule 144A and Regulation S for life notes become callable after three years at par plus 50% of the coupon. There is a three-year 40% equity clawback at par plus the full coupon and a 101% poison put.
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.
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