Ryan Specialty, LLC Launches Private Offering of $500 Million of Senior Secured Notes
Ryan Specialty, , a subsidiary of Ryan Specialty Holdings, Inc. (NYSE: RYAN), has announced a private offering of up to $500 million in senior secured notes due 2032. The notes will be guaranteed by the Company's wholly owned subsidiaries and secured by substantially all assets securing existing notes and credit facilities. Proceeds will be used to repay a portion of borrowings under the Revolving Credit Facility that funded the acquisition of US Assure Insurance Services of Florida, Inc., and to cover offering-related expenses. The offering is to qualified institutional buyers and non-U.S. persons, complying with Rule 144A and Regulation S of the Securities Act, respectively.
Ryan Specialty, una sussidiaria di Ryan Specialty Holdings, Inc. (NYSE: RYAN), ha annunciato un'offerta privata di fino a 500 milioni di dollari in note senior garantite con scadenza nel 2032. Le note saranno garantite dalle sussidiarie interamente possedute dalla Società e garantite da sostanzialmente tutti gli attivi che garantiscono le note e le linee di credito esistenti. Il ricavato sarà utilizzato per rimborsare una parte dei prestiti sotto la linea di credito revolving che ha finanziato l'acquisizione di US Assure Insurance Services of Florida, Inc., e per coprire le spese relative all'offerta. L'offerta è destinata a compratori istituzionali qualificati e a persone non statunitensi, in conformità con la Regola 144A e il Regolamento S del Securities Act, rispettivamente.
Ryan Specialty, una subsidiaria de Ryan Specialty Holdings, Inc. (NYSE: RYAN), ha anunciado una oferta privada de hasta 500 millones de dólares en notas senior garantizadas con vencimiento en 2032. Las notas estarán garantizadas por las subsidiarias de propiedad total de la Compañía y garantizadas por prácticamente todos los activos que respaldan las notas y las líneas de crédito existentes. Los ingresos se utilizarán para reembolsar una parte de los préstamos bajo la Línea de Crédito Revolvente que financió la adquisición de US Assure Insurance Services of Florida, Inc., y para cubrir los gastos relacionados con la oferta. La oferta está destinada a compradores institucionales calificados y a personas no estadounidenses, cumpliendo con la Regla 144A y la Regulación S de la Ley de Valores, respectivamente.
라이언 스페셜티(Ryan Specialty)는 라이언 스페셜티 홀딩스(Ryan Specialty Holdings, Inc.)의 자회사로서 (NYSE: RYAN), 2032년 만기인 최대 5억 달러 규모의 고위험 담보 채권 사모 발행을 발표했습니다. 이 채권은 회사의 전액 자회사에 의해 보증되며, 기존 채권 및 신용 시설을 담보하는 거의 모든 자산에 의해 담보됩니다. 자금은 플로리다의 US Assure Insurance Services 인수를 위한 리볼빙 신용시설 하의 차입금 일부를 상환하는 데 사용됩니다. 그리고 발행 관련 비용을 충당하는 데 사용됩니다. 이 발행은 자격을 갖춘 기관 투자자와 비미국인에게 제공되며, 각각 증권법 144A 조항 및 S 규정을 준수합니다.
Ryan Specialty, une filiale de Ryan Specialty Holdings, Inc. (NYSE: RYAN), a annoncé une offre privée pouvant aller jusqu'à 500 millions de dollars en obligations sécurisées seniors échéant en 2032. Les obligations seront garanties par les filiales entièrement détenues de la Société et garanties par pratiquement tous les actifs qui sécurisent les obligations existantes et les facilités de crédit. Les produits seront utilisés pour rembourser une partie des emprunts dans le cadre de la facilité de crédit renouvelable qui a financé l'acquisition de US Assure Insurance Services of Florida, Inc., et pour couvrir les frais liés à l'offre. L'offre est destinée aux acheteurs institutionnels qualifiés et aux personnes non américaines, conformément à la règle 144A et à la réglementation S de la loi sur les valeurs mobilières.
Ryan Specialty, eine Tochtergesellschaft von Ryan Specialty Holdings, Inc. (NYSE: RYAN), hat eine private Platzierung von bis zu 500 Millionen Dollar in gesicherten Senior-Anleihen mit Fälligkeit im Jahr 2032 angekündigt. Die Anleihen werden von den vollständig im Besitz der Gesellschaft befindlichen Tochtergesellschaften garantiert und sind durch nahezu alle Vermögenswerte gesichert, die bestehende Anleihen und Kreditfazilitäten absichern. Der Erlös wird verwendet, um einen Teil der Darlehen unter der revolvierenden Kreditfazilität zurückzuzahlen, die die Akquisition von US Assure Insurance Services of Florida, Inc. finanziert hat, und um die kosten im Zusammenhang mit der Platzierung zu decken. Die Platzierung richtet sich an qualifizierte institutionelle Käufer und nicht-US-Personen, in Übereinstimmung mit Regel 144A und der Regulation S des Securities Act.
- Raising $500 million through senior secured notes
- Repayment of Revolving Credit Facility borrowings
- Potential improvement in debt structure
- Increased long-term debt obligations
- Potential impact on future financial flexibility
- to qualified institutional buyers and non-U.S. persons
Ryan Specialty's $500 million senior secured notes offering is a significant move to refinance existing debt and fund recent acquisitions. This strategy could enhance financial flexibility by extending debt maturities and potentially lowering interest costs. The use of proceeds to repay revolving credit facility borrowings suggests a prudent approach to balance sheet management.
The
The private placement to qualified institutional buyers might signal strong demand from sophisticated investors, potentially reflecting confidence in Ryan Specialty's business model and growth prospects. Overall, this move could position the company for continued expansion in the specialty insurance market.
The private offering structure of Ryan Specialty's notes issuance is strategically designed to comply with securities regulations while accessing capital markets efficiently. By utilizing Rule 144A and Regulation S, the company can avoid the time-consuming SEC registration process typically required for public offerings.
The first-lien security interest on substantially all assets aligns with market standards for similar offerings, providing noteholders with strong collateral protection. However, the absence of a parent company guarantee from Ryan Specialty Holdings, Inc. is noteworthy and may impact the notes' pricing.
Investors should be aware that these unregistered securities come with resale restrictions, potentially affecting liquidity. The company's clear disclaimer about offer limitations demonstrates regulatory compliance and risk mitigation, important for avoiding legal complications in such offerings.
Ryan Specialty's
This move could strengthen Ryan Specialty's competitive position in the international specialty insurance arena, potentially leading to increased market share and diversified revenue streams. The company's ability to secure significant private funding suggests investor confidence in the specialty insurance sector's growth prospects.
However, the impact on Ryan Specialty's market valuation will depend on how effectively it integrates acquisitions and leverages new capabilities. Investors should watch for synergies realized from recent acquisitions and any shifts in the company's underwriting capacity or specialty focus areas as indicators of long-term value creation.
The notes will be jointly and severally, unconditionally guaranteed on a senior secured basis by each of the Company’s existing and future wholly owned subsidiaries that guarantee its obligations under its credit agreement. The notes will not be guaranteed by Ryan Specialty. Subject to certain exceptions, the notes will be secured on a first-lien basis by substantially all of the assets that secure the Company’s existing notes and its senior secured term loan and senior secured revolving credit facility (the “Revolving Credit Facility”). The Company intends to use the net proceeds from this offering to repay a portion of the borrowings under the Revolving Credit Facility that were used, together with cash on hand, to fund the acquisition of US Assure Insurance Services of
The newly issued senior secured notes will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction, and will not be offered or sold in
This press release is issued pursuant to Rule 135c of the Securities Act and does not constitute an offer to sell, or a solicitation of an offer to buy, any security. No offer, solicitation, or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful. Any offers of the notes will be made only by means of a private offering memorandum.
About Ryan Specialty
Founded in 2010, Ryan Specialty (NYSE: RYAN) is a service provider of specialty products and solutions for insurance brokers, agents, and carriers. Ryan Specialty provides distribution, underwriting, product development, administration, and risk management services by acting as a wholesale broker and a managing underwriter with delegated authority from insurance carriers. Our mission is to provide industry-leading innovative specialty insurance solutions for insurance brokers, agents, and carriers.
Forward Looking Statements
All statements in this release that are not historical are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve substantial risks and uncertainties. For example, all statements made reflecting Ryan Specialty's current intentions, expectations or beliefs regarding the proposed notes offering, including the use of proceeds of the notes offering, are forward-looking statements. Words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely” and variations of such words and similar expressions are intended to identify such forward-looking statements. All forward-looking statements are subject to risks and uncertainties, known and unknown, that may cause actual results to differ materially from those that Ryan Specialty expected. Specific factors that could cause such a difference include, but are not limited to, those disclosed previously in Ryan Specialty’s filings with the Securities and Exchange Commission.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Given these factors, as well as other variables that may affect Ryan Specialty’s operating results, you are cautioned not to place undue reliance on these forward-looking statements, not to assume that past financial performance will be a reliable indicator of future performance, and not to use historical trends to anticipate results or trends in future periods. The forward-looking statements included in this press release relate only to events as of the date hereof. Ryan Specialty does not undertake, and expressly disclaims, any duty or obligation to update publicly any forward-looking statement after the date of this release, whether as a result of new information, future events, changes in assumptions, or otherwise.
Source: Ryan Specialty Holdings, Inc.
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Investor Relations
Nicholas Mezick
Director, Investor Relations
Ryan Specialty
ir@ryanspecialty.com
(312) 784-6152
Media Relations
Alice Phillips Topping
Chief Marketing & Communications Officer
Ryan Specialty
Alice.Topping@ryanspecialty.com
(312) 635-5976
Source: Ryan Specialty Holdings, Inc.
FAQ
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