York Risk Services begins marketing $270 million eight-year senior notes offering to fund buyout

By Paul A. Harris

Portland, Ore., Sept. 11 – York Risk Services plans to begin marketing a $270 million offering of eight-year senior notes (expected ratings Caa2/CCC+) on an investor conference call scheduled to get underway at 1:30 p.m. ET on Thursday, according to a syndicate source.

An investor group lunch in New York is scheduled for noon ET on Friday. A group breakfast in Boston is scheduled for 8 a.m. ET on Monday.

The deal is expected to price in the middle part of the week ahead.

Morgan Stanley & Co. LLC, BofA Merrill Lynch, RBC Capital Markets, Barclays, BMO Securities and Nomura are the joint bookrunners for the Rule 144A and Regulation S for life offering.

The notes come with three years of call protection.

Proceeds, together with proceeds from a senior secured credit facility, equity contributions and cash on the balance sheet, will be used to help fund the buyout of the company by Onex Corp. from ABRY Partners and to retire certain existing debt.

The issuing entity will by Onex York Acquisition Corp., which is to be merged with York Insurance Parent Corp. and is to be renamed York Risk Services Holding Corp.

York Risk Services is a Parsippany, N.J.-based provider of risk management, claims management and managed care services.

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