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by Stephen Carter
Jan 22, 2026 9:36 AM ET
++Corrects IPTs on the US$ tranches on the announcement story earlier this morning: US$ 7.75% sr sec 102.625 (not 102.375); US$ 8..875% sr unsec 101.75 (not 101.50)++
Ardonagh Finco Limited, Ardonagh Group Finance Limited (ARDGRP) US$300m equivalent (USD/EUR) 144A/Regs add-on to its notes 3-part. Via GS (lead left B&D EUR sr sec)/MS (lead left B&D US$ sr sec)/BofA (lead left B&D US$ sr unsec) +others. No reg rights. List ISE. NY law. CoC at 101.
- Ardonagh Finco Limited EUR TBD add-on to its 6.875% sr sec notes due 02/15/31 (5y). NC1 (02/15/27) (MWC B+50bp), then at 103.4375, 101.7187, 100. Equity claw: 1y 40% at 106.875. Special call: 10% per year the first year at 103. Existing B3/B-/B+. Via GS (left lead, B&D)/Barc/BofA/DB/HSBC/Jefferies/JPM/KKR/Lloyds/MS/MUFG/NatWest/Nomura/SPC Capital Markets/TD jt books. Denoms: 100kx1k. 144A ISIN: XS2765489484. Immediately 144A fungible (Reg S after 40 days) with the EUR500m issue priced 02/09/24, the EUR300m add-on priced 01/27/25, and the EUR150m add-on priced 04/30/25. IPT: 100.00-100.50. Price talk: 100.00-100.25. IPT: 101.50.
- Ardonagh Finco Limited US$ TBD add-on to its 7.75% sr sec notes due 02/15/31 (5y). NC1 (02/15/27) (MWC T+50bp), then at 103.875, 101.9375, 100. Equity claw: 1y 40% at 107.75. Special call: 10% per year the first year at 103. Existing B3/B-/B+. Via MS (left lead, B&D)/Barc/BofA/DB/GS/HSBC/Jefferies/JPM/KKR/Lloyds/MUFG/NatWest/Nomura/SPC Capital Markets/TD jt books. Denoms: 200kx1k. 144A CUSIP: 039853AA4. Immediately 144A fungible (Reg S after 40 days) with the US$750m issue priced 02/09/24, US$315m add-on price 01/27/25, and US$225m add-on priced 04/30/25. IPT: 102.625.
- Ardonagh Group Finance Limited (ARDGRP) US$ TBD 144A/Reg S add-on to its 8.875% sr notes due 02/15/32 (6y). NC1 (02/15/27) (MWC T+50bp), then at 104.4375, 102.2187, 100. Equity claw: 1y 40% at 108.875. Existing Caa2/CCC/CCC (stable/stable/positive). Via BofA (left lead B&D)/Barc/DB/HSBC/GS/Jeff/JPM/KKR/ Lloyds/MS/MUFG/NatWest/Nomura/SPC Capital Marktets/TD jt books. Denoms: 200kx1k. 144A CUSIP: 039956AA5. Immediately 144A fungible (Reg S after 40 days) with the $1bn issue priced 02/09/24, and the $530m add-on priced 01/21/25. IPT: 101.75.
Investor call at 3pm UKT, 10am NYT 01/22). Pricing 01/22 afternoon. Equity sponsors Madison Dearborn/HPS Investment Partners. UOP: GCP, including acquisition opportunities. Biz: A highly diversified, leading, global independent insurance broker, operating at scale across all segments of the non-life insurance market. HQ: London, UK.