Commentary & Deal Flow

   Ardonagh Finco Limited (ARDGRP) approx EUR600m equivalent (USD/EUR) 144A/Regs add-on to its sr sec notes 2-part. Via GS (lead left B&D EUR)/JPM (lead left B&D US$) +others. No reg rights. List ISE. NY law.

    - EUR300m 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. B3/B-/B. Via GS (left lead, B&D)/Barc/BofA/DB/HSBC/JPM/Jefferies/KKR/Lloyds/MS/MUFG/NatWest/Nomura/TD jt books. 144A CUSIP: 276548948. Immediately 144A fungible with the EUR500m issue priced 02/09/24. IPT: 102.50-102.75 (6.168%-6.098% YTW). Final terms: EUR300m at 102.75 (6.098% YTW).

    - US$315m 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. B3/B-/B. Via JPM (left lead, B&D)/Barc/BofA/DB/GS/HSBC/Jefferies/KKR/Lloyds/MS/MUFG/NatWest/Nomura/TD jt books.144A CUSIP: 039853AA4. Immediately 144A fungible with the EUR750m issue priced 02/09/24. (previously in the market last week with a US$250m add-on issue that was dropped. It was part of a 2-part deal along with a $530m (up from $250m) add-on to its 8.875% sr notes due 02/15/32 that priced 01/21/25). IPT: 103.25 area (6.818% area YTW). Price talk: 102.75-103.00.

Did investor call at 10:30am UKT 01/27. EUR books closed at 5pm UKT 01/27. US books close at 2:30pm NYT 01/27. Pricing 01/27. UOP: fully repay the existing EUR (GBP501m equiv) private credit facility. 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.

Evercall GIC registration: https://urldefense.com/v3/__ht...;!!O2kDR7mm-zSJ!st20EA-32OMKm4IJFdGMQ3mFuXW8plLEkY69n5DY-F4RenUqQl60xA39t---pdqrRvcxj2hIF7HGphavpIy5nQ$.

Dealroadshow: https://urldefense.com/v3/__ht...;!!O2kDR7mm-zSJ!spL8S0ndXgFHfdLddwOCbvVeJesIFQyiiNVdFcnLh5FC34b383W5J6pouL8H1NfSFZntuZNhyYzH5gMYpYymYA$ (Acces code: ARDONAGH2025)