Alliant starts roadshow for $775 million two-part notes offering

By Paul A. Harris

Portland, Ore., Oct. 5 – Alliant Holdings Intermediate LLC and Alliant Holdings Co-Issuer started a roadshow on Monday for a $775 million two-part offering of high-yield notes, according to market sources.

The deal includes $425 million five-year senior secured notes (existing ratings B2/B) callable after two years at par plus 50% of coupon, with initial guidance of 4¼% to 4½%.

The offering also features an unsecured tranche coming in the form of a $350 million add-on to the 6¾% senior notes due Oct. 15, 2027 (existing ratings Caa2/CCC+) callable on Oct. 15, 2022 at 103.375, with initial guidance of 102.5. The original $690 million issue priced in October 2019. A previous $300 million add-on priced in April 2020.

An investor call was scheduled to get underway at 1 p.m. ET on Monday.

The Rule 144A and Regulation S for life deal is expected to price on Thursday.

Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, Truist Securities Inc., BofA Securities Inc., Capital One Securities Inc., Goldman Sachs & Co. LLC, RBC Capital Markets Corp., Fifth Third Securities Inc., KKR and Macquarie are the joint bookrunners.

The Eden Prairie, Minn.-based insurance brokerage plans to use the proceeds, along with secured term loans and cash on its balance sheet, to make the 2020 special distribution, also for acquisitions for businesses under the letter of intent, with the remainder of proceeds, if any, to be used for general corporate purposes.

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