Aspen Insurance (Highlands Holdings) marketing $500 million five-year secured PIK toggle notes

By Paul A. Harris

Portland, Ore., Oct. 20 – Aspen Insurance started a roadshow on Tuesday for a $500 million offering of Highlands Holdings Bond Issuer, Ltd. and Highlands Holdings Bond Co-Issuer, Inc. five-year senior secured PIK toggle notes, according to a syndicate source.

An investor conference call is scheduled for 2 p.m. ET on Tuesday.

The roadshow runs through Friday.

The Rule 144A and Regulation S for life deal is expected to price at the end of the Oct. 19 week.

Jefferies LLC and Goldman Sachs & Co. LLC are the joint bookrunners. Apollo is the co-manager.

The notes become callable after two years at par plus 50% of the coupon.

The Hamilton, Bermuda-based property and casualty insurance and reinsurance company plans to use the proceeds to provide additional capital to its operating group, fund a distribution and pay for the initial period’s interest expense.

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