Alliant Holdings sets talk in $925 million two-part notes offering; pricing Wednesday

By Paul A. Harris

Portland, Ore., Oct. 20 – Alliant Holdings Intermediate, LLC and Alliant Holdings Co-Issuer, Inc. set price talk in their $925 million two-part offering of high-yield notes, according to market sources.

The Rule 144A and Regulation S for life deal is coming in secured and unsecured tranches.

A $475 million add-on to the issuers’ 4¼% senior secured notes due Oct. 15, 2027 (B2/B) is talked at 100.5 to 100.75, at the rich end of initial talk in the 100.5 area. Those notes become callable on Oct. 15, 2023 at 102.125. The original $525 million issue priced in October 2020.

The unsecured portion, a $450 million tranche of new eight-year senior notes (Caa2/CCC+) callable after three years at par plus 50% of the coupon, is talked to yield in the 6% area, on top of initial guidance.

Books close at 12:30 p.m. ET on Wednesday, and the deal is set to price thereafter.

Left bookrunner Morgan Stanley & Co. LLC will bill and deliver. J.P. Morgan Securities LLC, SPC Capital Markets, BofA Securities Inc., Capital One Securities Inc., Goldman Sachs & Co. LLC, KKR Capital Markets LLC, RBC Capital Markets LLC, Truist Securities Inc., Fifth Third Securities Inc., Macquarie Capital (USA) Inc. and R. Seelaus & Co. Inc. are the joint bookrunners.

The Eden Prairie, Minn.-based insurance brokerage plans to use the proceeds plus additional senior secured term loans to fund its 2021 special distribution, with the remainder, if any, to be used for general corporate purposes.

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