New Issue: NFP prices $325 million notes due August 2028 at par to yield 4 7/8%

By Paul A. Harris

Portland, Ore., May 19 – NFP Corp. priced a $325 million issue of senior secured notes due Aug. 15, 2028 (B1/B) at par to yield 4 7/8% in a Wednesday drive-by, according to market sources.

The yield printed in the middle of the 4¾% to 5% yield talk.

BofA Securities Inc. was at the left of a syndicate of deal managers that also included Barclays, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, SMBC Nikko Securities America Inc., TD Securities (USA) LLC, MUFG, CIBC World Markets Corp., Deutsche Bank Securities Inc., Regions Securities LLC, UBS Securities LLC, KKR Capital Markets LLC and Macquarie Capital (USA) Inc.

The New York-based insurance brokerage plans to use the proceeds plus cash on hand to redeem its 7% senior secured notes due 2025.

Issuer:	NFP Corp.
Amount:	$325 million
Maturity:	Aug. 15, 2028
Securities:	Senior secured notes
Bookrunners:	BofA Securities Inc., Barclays, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, SMBC Nikko Securities America Inc., TD Securities (USA) LLC, MUFG, CIBC World Markets Corp., Deutsche Bank Securities Inc., Regions Securities LLC, UBS Securities LLC, KKR Capital Markets LLC and Macquarie Capital (USA) Inc.
Coupon:	4 7/8%
Price:	Par
Yield:	4 7/8%
Spread:	353 bps
First call date:	Aug. 15, 2023
Trade date:	May 19
Settlement date:	June 1
Ratings:	Moody's: B1
	S&P: B
Distribution:	Rule 144A and Regulation S for life
Price talk:	4¾% to 5%
Marketing:	Drive-by

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