New Issue: Acrisure prices $200 million tap of 8 1/8% notes due 2024 at 106 to yield 6½%

By Paul A. Harris

Portland, Ore., Oct. 10 – Acrisure, LLC and Acrisure Finance, Inc. priced a $200 million add-on to their 8 1/8% senior secured notes due Feb. 15, 2024 (existing ratings B2/B) at 106 to yield 6½% in a quick-to-market Thursday trade, according to a market source.

The reoffer price came at the rich end of the 105.5 to 106 price talk and richer than initial price talk of 105 to 105.5.

J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets LLC and SunTrust Robinson Humphrey Inc. were the joint bookrunners.

The Caledonia, Mich.-based insurance brokerage plans to use the proceeds to fund acquisitions.

Issuers:	Acrisure, LLC and Acrisure Finance, Inc.
Amount:	$200 million
Maturity:	Feb. 15, 2024
Security description:	Add-on to 8 1/8% senior secured notes due Feb. 15, 2024
Bookrunners:	J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets LLC and SunTrust Robinson Humphrey Inc.
Coupon:	8 1/8%
Price:	106
Yield:	6½%
Trade date:	Oct. 10
Settlement date:	Oct. 25 with accrued interest
Existing ratings:	Moody's: B2
	S&P: B
Distribution:	Rule 144A and Regulation S for life
Price talk:	105.5 to 106
Marketing:	Quick to market
Original issue:	$750 million priced on Jan. 18, 2019
Total issue size:	$950 million

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