Published on 9/22/2021 in the Prospect News High Yield Daily.
New Issue: NFP prices upsized $225 million tap of 4 7/8% notes due 2028 at 101.5
By Paul A. Harris
Portland, Ore., Sept. 22 – NFP Corp. priced an upsized $225 million add-on to its 4 7/8% senior secured notes due Aug. 15, 2028 (B1/B) at 101.5 on Wednesday, according to a syndicate source.
The add-on size increased from $175 million.
The execution rendered a 4.446% yield to worst and a 4.616% yield to maturity.
The issue price came rich to the 100.5 to 101 price talk.
BofA Securities Inc. was at the left of a syndicate of bookrunners 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, Macquarie Capital (USA) Inc. and BMO Capital Markets Corp.
The New York-based insurance brokerage plans to use to proceeds to fund current or future acquisitions.
| Issuer: | NFP Corp.
|
| Amount: | $225 million, increased from $175 million
|
| Maturity: | Aug. 15, 2028
|
| Security description: | Add-on to 4 7/8% senior secured notes due Aug. 15, 2028
|
| 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, Macquarie Capital (USA) Inc. and BMO Capital Markets Corp.
|
| Coupon: | 4 7/8%
|
| Price: | 101.5
|
| Yield to worst: | 4.446%
|
| Yield to maturity: | 4.616%
|
| First call: | Aug. 15, 2023 at 102.438
|
| Trade date: | Sept. 22
|
| Settlement date: | Oct. 6
|
| Ratings: | Moody's: B1
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 100.5 to 101
|
| Marketing: | Drive-by
|
| Original issue: | $325 million priced in May 2021
|
| Fungibility: | Add-on notes to become immediately fungible with the existing notes
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
