Jones DesLauriers/Navacord starts roadshow for $500 million seven-year secured notes

By Paul A. Harris

Portland, Ore., March 1 – Jones DesLauriers Insurance Management Inc., a broker partner of Navacord Inc., started a roadshow on Wednesday for a $500 million offering of senior secured notes due 2030, according to market sources.

The deal, which was set to kick off on a Wednesday conference call with investors, is scheduled to be marketed on a roadshow through Friday.

The Rule 144A and Regulation S for life seven-year notes become callable after three years at par plus 50% of the coupon. A special call provision would allow the issuer to redeem 10% of the notes annually at 103 during the non-call period.

BofA, BMO, CIBC, Deutsche Bank, KKR, MUFG and TD are the joint bookrunners.

The Mississauga, Ont.-based corporate insurance and financial services provider plans to use the proceeds plus an equity contribution from Madison Dearborn Partners and/or its related funds to partially repay debt under its term loan facilities, to fund acquisitions and for general corporate purposes.

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