Alliant Holdings plans $600 million tap of 7% secured notes due 2031 in Friday drive-by

By Paul A. Harris

Portland, Ore., Jan. 12 – Alliant Holdings Intermediate, LLC and Alliant Holdings Co-Issuer, Inc. plan to price a $600 million add-on to their 7% senior secured notes due Jan. 15, 2031 (B2/B) in a Friday drive-by, according to market sources.

Initial talk is in the 102 area, a trader said.

The notes become subject to an initial call on Jan. 15, 2027 at 103.5. A special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.

Morgan Stanley & Co. LLC and Stone Point Capital Markets are the bookrunners.

The Eden Prairie, Minn.-based insurance brokerage holding company plans to use the proceeds to refinance its perpetual preferred equity, with the remainder to be used for general corporate purposes.

The original $750 million issue priced on Dec. 6, 2023.

The Rule 144A add-on notes will immediately become fungible with the original notes. The Regulation S add-on note will become fungible with the original notes following a 40-day cooling period.

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