By Paul A. Harris
Portland, Ore., April 19 – Jones DesLauriers Insurance Management Inc., a broker partner of Navacord Inc., priced a $100 million add-on to its 8½% senior secured notes due March 15, 2030 (B2/B-/B+) at 101 to yield 8.242% in a Wednesday drive-by, according to market sources.
The price came at the rich end of the 100.5 to 101 price talk. The yield came at the tight end of the 8.242% to 8.369% yield talk.
The deal was heard to be 2.4-times oversubscribed, a trader said.
BofA, BMO, CIBC, Deutsche Bank, KKR, MUFG and TD were the joint bookrunners.
The Mississauga, Ont.-based corporate insurance and financial services provider plans to use the proceeds for general corporate purposes, including one or more acquisition opportunities soon.
| Issuer: | Jones DesLauriers Insurance Management Inc.
|
| Amount: | $100 million
|
| Issue: | Senior secured notes add-on
|
| Maturity: | March 15, 2030
|
| Bookrunners: | BofA, BMO, CIBC, Deutsche Bank, KKR, MUFG and TD
|
| Coupon: | 8½%
|
| Price: | 101
|
| Yield: | 8.242%
|
| Spread: | 463 bps
|
| First call: | March 15, 2026 at 104.25
|
| Trade date: | April 19
|
| Settlement date: | May 3
|
| Ratings: | Moody's: B2
|
| S&P: B-
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 100.5 to 101 (to yield 8.242% to 8.369%)
|
| Marketing: | Drive-by
|
| Original issue: | $500 million priced on March 2, 2023
|
| Fungibility: | Add-on notes will become fungible with original notes
|
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