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Ardonagh sets price talk for $2.04 billion equivalent dollar, euro three-part notes offering
By Paul A. Harris
Portland, Ore., Feb. 8 – Ardonagh Group set price talk in its $2.04 billion equivalent three-part offering of high-yield notes on Thursday, according to market sources.
Ardonagh Finco Ltd. is offering two tranches of seven-year senior secured notes (B-/B-). A $500 million tranche is talked to yield 7¾% to 8%, tight to initial guidance in the 8% area. A €500 million tranche is talked to yield in the 7% area, on top of initial guidance.
Ardonagh Group Finance Ltd. is offering a single $1 billion tranche of eight-year senior notes (CCC/CCC) talked to yield in the 9% area, on top of initial guidance.
Books for the dollar-denominated tranches are scheduled to close at 5 p.m. ET on Thursday. Books for the euro-denominated tranche are scheduled to close at 5:30 a.m. ET on Friday.
The notes in all three tranches come with three years of call protection.
The secured notes feature special call provisions that allow the issuer to redeem 10% of the issues annually at 103 during the non-call periods.
Joint bookrunner Morgan Stanley is the left lead on the dollar-denominated notes. Joint bookrunner Goldman Sachs International is the left lead on the euro-denominated notes. Barclays, BofA, Deutsche Bank, HSBC, Jefferies, JPMorgan, KKR, Lloyds, NatWest, Nomura and TD are also joint bookrunners.
The London-based insurance brokerage plans to use the proceeds from the Rule 144A for life and Regulation S notes, plus drawings under its term facilities, to redeem its existing notes, to repay drawn amounts under its outstanding senior secured credit facilities and for general corporate purposes, including one or more acquisition opportunities in the near term, as well as to fund cash to its balance sheet.
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