Commentary & Deal Flow

Ardonagh Finco Limited, Ardonagh Group Finance Limited (ARDGRP) US$400m (up from 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. Settles 02/05 (T+10).

    - Ardonagh Finco Limited EUR85m 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 02/15/27, 101.7187 02/15/28, 100 02/15/29. Equity claw: 1y 40% at 106.875. Special call: 10% per year the first year at 103. B3/B-/B+ (stable/stable/stable). Via GS (left lead, B&D)/Barc/BofA/DB/HSBC/Jefferies/JPM/KKR/Lloyds/MS/MUFG/NatWest/Nomura/SPC Capital Markets/TD jt books. Pays Jan 15 and July 15, starting 07/15/26. 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. Price talk: 101.75-102.00. Launched: EUR85m at 102.00. Priced: Priced: 6.875% add-on at 102.00, 6.148% YTW. +393bp vs DBR 0.25% 12/15/29.

    - Ardonagh Finco Limited US$200m 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 02/15/27, 101.9375 02/15/28, 100 02/15/29. Equity claw: 1y 40% at 107.75. Special call: 10% per year the first year at 103. B3/B-/B+ (stable/stable/stable). Via MS (left lead, B&D)/Barc/BofA/DB/GS/HSBC/Jefferies/JPM/KKR/Lloyds/MUFG/NatWest/Nomura/SPC Capital Markets/TD jt books. Pays Jan 15 and July 15, starting 07/15/26. Denoms: 200kx1k. 144A CUSIP: 039853AA4; 144A ISIN: US39953AA46. 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. Price talk: 103.125 area. Revised price talk 103.625#. Priced: 7.75% add-on at 103.625, 6.414% YTW. +274bp vs 2.625% 02/15//29.

    - Ardonagh Group Finance Limited (ARDGRP) US$100m 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 02/15/27, 102.2187 02/15/28, 100 02/15/29. Equity claw: 1y 40% at 108.875. Caa2/CCC/CCC+ (stable/stable/stable). Via BofA (left lead B&D)/Barc/DB/HSBC/GS/Jeff/JPM/KKR/ Lloyds/MS/MUFG/NatWest/Nomura/SPC Capital Marktets/TD jt books. Pays Jan 15 and July 15, starting 07/15/26. Denoms: 200kx1k. 144A CUSIP: 039956AA5; 144A ISIN: US039956AA59. 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. Price talk: 102.25 area. Revised price talk: 102.50-102.75. Priced: 8.875% add-on at 102.75, 7.837% YTW. +415bp vs 2.625% 02/15/29.

    Did investor call at 3pm UKT, 10am NYT 01/22. Books closed at 1pm (from 12pm) NYT, 6pm (from 5pm )UKT 01/22. Pricing 01/22 afternoon. Equity sponsors Madison Dearborn/HPS Investment Partners. UOP: GCP, including acquisition opportunities (US$100m upsize 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.