By Paul A. Harris
St. Louis, Oct. 24 - Alliant Holdings I, Inc. priced a downsized $265 million issue of 11% 7.5-year senior notes (Caa1/CCC) at 96.328 to yield 11¾% on Wednesday.
The yield was printed on top of the price talk.
Bookrunner JPMorgan and co-manager UBS Investment Bank led the quick-to-market Rule 144A for life issue, which was downsized from $290 million.
Proceeds will be used to fund the acquisition of the company by the Blackstone Group and management.
Alliant is a California-based specialty insurance broker.
| Issuer: | Alliant Holdings I, Inc.
|
| Amount: | $265 million (decreased from $290 million)
|
| Maturity: | May 1, 2015
|
| Security description: | Senior notes
|
| Bookrunner: | JPMorgan
|
| Co-manager: | UBS Investment Bank
|
| Coupon: | 11%
|
| Price: | 96.328
|
| Yield: | 11¾%
|
| Spread: | 750 bps
|
| Call protection: | Four years
|
| Trade date: | Oct. 24
|
| Settlement date: | Nov. 1
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC
|
| Distribution: | Rule 144A for life
|
| Price talk: | 11¾% area
|
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