Alliant lowers eight-year notes to $450 million, sets yield talk at 8% area; pricing Thursday

By Paul A. Harris

Portland, Ore., Dec. 6 - Alliant downsized its offering of eight-year senior notes (expected ratings Caa2/CCC) to $450 million from $475 million, shifting $20 million of proceeds to its term loan, a market source said on Thursday morning.

Yield talk on the notes is set in the 8% area.

The deal is set to price later in the day.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Morgan Stanley & Co. LLC, RBC Capital Markets, UBS Investment Bank and Macquarie Capital (USA) Inc. are the joint bookrunners.

Mizuho Securities USA Inc. and KKR Capital Markets are the co-managers.

The Rule 144A and Regulation S for life notes come with three years of call protection.

Proceeds will be used to fund the acquisition of the specialty insurance broker by KKR.

The issuing entities are A-S Co-Issuer Subsidiary Inc. and A-S Merger Sub LLC, which are to be merged with and into Alliant Holdings I LLC.

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