02/09/2024 Ardonagh approx $2.29bn (up from $2.04bn) equivalent (USD/EUR) 144A/Reg S 3-part. Via MS (lead left US)/GS (lead left EUR)/Barc/BofA/DB/HSBC/Jefferies/JPM/KKR/Lloyds/NatWest/Nomura/TD jt books. No reg rights. List ISE. NY law. Settles 02/16 (T+5). $250m upsize to reduce the new US$ term term loan.
- Ardonagh Finco Limited (ARDGRP) EUR500m sr sec notes due 02/15/31 (7y). NC3 (MWC B+50bp), then at 103.4375, 101.7187, 100. Equity claw: 3y 40% at 106.875. Special call: 10% per year the first 3 years at 103. NR/B-/B (--/stable/positive). 144A CUSIP: 276548948. IPT: 7% area. Px talk: 7.00% area. Launched: EUR500m at 6.875%. Priced: 6.875% at 100. +459bp vs DBR 0% 02/15/31.
- Ardonagh Finco Limited (ARDGRP) US$750m (up from US$500m) sr sec notes due 02/15/31 (7y). NC3 (MWC T+50bp), then at 103.875, 101.9375, 100. Equity claw: 3y 40% at 107.75. Special call: 10% per year the first 3 years at 103. NR/B-/B (--/stable/positive). 144A CUSIP: 039853AA4. IPT: 8% area. Px talk: 7.75%-8.00%. Launched: US$750m at 7.75%. Priced: 7.75% at 100. +372bp vs 5.375% 02/15/31.
- Ardonagh Group Finance Limited (ARDGRP) $1bn sr notes due 02/15/32 (8y). NC3 (MWC T+50bp), then at 104.4375, 102.2187, 100. Equity claw: 3y 40% at 108.875. NR/CCC/CCC (--/stable/positive). 144A CUSIP: 039956AA5. IPT: 9% area. Px talk: 9.00x% area. Launched: US$1bn at 8.875%. Priced: 8.875% at 100. +470bp vs 1.875% 02/15/32.
Roadshow calls and in person meetings in NYC 02/05 week (investor call at 11:30am NYT/4:30pm UKT 02/05). Books closed: US$ at 5pm 02/08, EUR at 10:30am UKT 02/09. UOP: along with a new GBP2.006bn equivalent (US$ GBP1bn (down from GBP1.2bn) equivalent, EUR GBP696m equivalent and A$ GBP111m equivalent) sr sec term loan B, and GBP755m net cash from the sale of its Retail Business, to redeem its existing $640.431m (GBP512m equivalent) 11.50% sr unsec PIK notes due 01/15/27 (callable at 102.587), repay GBP3.484bn equivalent sr sec credit facilities, GBP205m to fund near term acquisitions and GBP107m for cash on the B/S ($250m upsize toreduce the new US$ term loan). Equity sponsors Madison/Dearborn/HPS Investment Partners. Biz: A highly diversified, leading, global independent insurance broker, operating at scale across all segments of the non-life insurance market. HQ: London, UK.