Ardonagh Finco Limited (ARDGRP) EUR350m (up from EUR250m) equivalent (USD/EUR) 144A/Regs add-on to its sr sec notes 2-part. B3/B-/B+ (stable/stable/stable). Via GS (lead left B&D EUR)/MS (lead left B&D US$) +others. No reg rights. List ISE. NY law. CoC at 101. Settles 05/15 (T+10 Europe, T+11 US).
- EUR150m add-on to its 6.875% sr sec notes due 02/15/31 (6y). NC2 (02/15/27) (MWC B+50bp), then at 103.4375, 101.7187, 100. Equity claw: 2y 40% at 106.875. Special call: 10% per year the first 2 years at 103. Via GS (left lead, B&D)/Barc/BofA/DB/HSBC/JPM/Jefferies/KKR/Lloyds/MS/MUFG/NatWest/Nomura/TD jt books. 144A ISIN: XS2765489484. Immediately 144A fungible with the EUR500m issue priced 02/09/24 and the EUR300m add-on priced 01/27/25. IPT: 100.00-100.50. Price talk: 100.00-100.25. Priced: 6.875% add-on at 100.25, 6.796% YTW. +499bp vs DBR 0.25% 02/15/29.
- US$225m add-on to its 7.75% sr sec notes due 02/15/31 (6y). NC2 (02/15/27) (MWC T+50bp), then at 103.875, 101.9375, 100. Equity claw: 2y 40% at 107.75. Special call: 10% per year the first 2 years at 103. Via MS (left lead, B&D)/Barc/BofA/DB/GS/HSBC/Jefferies/JPM/KKR/Lloyds/MUFG/NatWest/Nomura/TD jt books. 144A CUSIP: 039853AA4. Immediately 144A fungible with the US$750m issue priced 02/09/24 and the US$315m add-on price 01/27/25. IPT: 101 area. Price talk: 101.00-101.25. Priced: 7.75% at 101.25, 7.360% YTW, +369bp vs UST 2.625% 02/15/29.
Roadshow (small group meetings) 04/29-04/30 (investor call at 4:30pm UKT, 11:30am NYT 04/29). Books closed at 4pm UKT / 11am NYT 04/30. Equity sponsors Madison Dearborn/HPS Investment Partners. UOP: GCP, including tuck-in acquisition opportunities (EUR100m upsize also for GCP). Biz: A highly diversified, leading, global independent insurance broker, operating at scale across all segments of the non-life insurance market. HQ: London, UK.
Netroadshow: http://www.netroadshow.com/nrs/home/#!/?show=369bd7f6 (code: Ardonagh25).