Ryan Specialty Reprices and Upsizes Term Loan
Ryan Specialty Holdings, Inc. (NYSE: RYAN) has announced a significant refinancing and upsizing of its term loan facility. The company's subsidiary, Ryan Specialty, , has agreed with lenders to refinance its existing term loan and increase the facility size to $1.7 billion. This new Term Loan Facility is expected to offer more favorable terms, including:
1. An interest rate of SOFR plus 2.25%, a 50 basis point improvement
2. An extended maturity date to 2031
3. Proceeds from the Incremental Term Loan will be used to reduce outstanding borrowings on the company's revolving credit facility
The transaction is anticipated to close on September 13, 2024, subject to customary closing conditions.
Ryan Specialty Holdings, Inc. (NYSE: RYAN) ha annunciato un'importante rifinanziamento e ampliamento della sua linea di prestito a termine. La sussidiaria dell'azienda, Ryan Specialty, ha raggiunto un accordo con i finanziatori per rifinanziare il prestito a termine esistente e aumentare la dimensione della linea a 1,7 miliardi di dollari. Questa nuova linea di prestiti a termine dovrebbe offrire condizioni più favorevoli, tra cui:
1. Un tasso d'interesse di SOFR più 2,25%, un miglioramento di 50 punti base
2. Una data di scadenza estesa al 2031
3. I proventi del prestito a termine incrementale saranno utilizzati per ridurre i prestiti in sospeso sulla linea di credito revolving dell'azienda
Si prevede che la transazione si chiuderà il 13 settembre 2024, soggetta a condizioni di chiusura abituali.
Ryan Specialty Holdings, Inc. (NYSE: RYAN) ha anunciado un importante refinanciamiento y ampliación de su línea de préstamo a plazo. La subsidiaria de la empresa, Ryan Specialty, ha llegado a un acuerdo con los prestamistas para refinanciar su préstamo a plazo existente y aumentar el tamaño de la línea a 1.7 mil millones de dólares. Esta nueva Línea de Préstamo a Plazo se espera que ofrezca condiciones más favorables, incluyendo:
1. Una tasa de interés de SOFR más 2.25%, una mejora de 50 puntos base
2. Una fecha de vencimiento extendida hasta 2031
3. Los ingresos del Préstamo a Plazo Incremental se utilizarán para reducir los préstamos pendientes en la línea de crédito rotativa de la empresa
Se anticipa que la transacción se cierre el 13 de septiembre de 2024, sujeta a las condiciones de cierre habituales.
라이언 스페셜티 홀딩스, Inc. (NYSE: RYAN)는 그 기한 대출 시설을 크게 재융자하고 확대한다고 발표했습니다. 회사의 자회사인 라이언 스페셜티는 대출 기관들과 기존의 기한 대출을 재융자하기로 합의했으며 시설 규모를 17억 달러로 늘리기로 했습니다. 이 새로운 기한 대출 시설은 다음과 같은 더 유리한 조건을 제공할 것으로 예상됩니다:
1. SOFR 플러스 2.25%의 이자율, 50 베이시스 포인트의 개선
2. 만기일 연장, 2031까지
3. 증가된 기한 대출의 수익금은 회사의 회전 신용 시설에 대한 미지급 차입금 감소에 사용될 것입니다
거래는 2024년 9월 13일에 종료될 것으로 예상되며, 전통적인 종료 조건이 적용됩니다.
Ryan Specialty Holdings, Inc. (NYSE: RYAN) a annoncé un important refinancement et une augmentation de sa ligne de crédit à terme. La filiale de l'entreprise, Ryan Specialty, a convenu avec les prêteurs de refinancer son prêt à terme existant et d'augmenter le montant de la ligne à 1,7 milliard de dollars. Cette nouvelle ligne de crédit à terme devrait offrir des conditions plus favorables, notamment :
1. Un taux d'intérêt de SOFR plus 2,25%, une amélioration de 50 points de base
2. Une date d'échéance prolongée jusqu'à 2031
3. Les revenus du prêt à terme additionnel seront utilisés pour réduire les emprunts en cours sur la ligne de crédit revolving de l'entreprise
La transaction devrait se clôturer le 13 septembre 2024, sous réserve des conditions de clôture habituelles.
Ryan Specialty Holdings, Inc. (NYSE: RYAN) hat eine bedeutende Refinanzierung und Vergrößerung seiner Kreditfazilität bekannt gegeben. Die Tochtergesellschaft des Unternehmens, Ryan Specialty, hat sich mit den Kreditgebern darauf geeinigt, den bestehenden Kredit zu refinanzieren und die Größenordnung der Fazilität auf 1,7 Milliarden Dollar zu erhöhen. Es wird erwartet, dass diese neue Kreditfazilität günstigere Bedingungen bietet, einschließlich:
1. Ein Zinssatz von SOFR plus 2,25%, eine Verbesserung um 50 Basispunkte
2. Ein verlängertes Fälligkeitsdatum bis 2031
3. Die Erlöse aus dem zusätzlichen Kredit werden verwendet, um ausstehende Darlehen auf der revolvierenden Kreditfazilität des Unternehmens zu reduzieren
Die Transaktion soll am 13. September 2024 abgeschlossen werden, vorbehaltlich üblicher Abschlussbedingungen.
- Refinancing of existing term loan with more favorable terms
- 50 basis point reduction in interest rate to SOFR plus 2.25%
- Extension of loan maturity to 2031
- Increase in term loan facility size to $1.7 billion
- Reduction of outstanding borrowings on revolving credit facility
- None.
Insights
Ryan Specialty's refinancing move is a strategic financial maneuver with positive implications. The 50 basis point reduction in interest rate to SOFR plus
This refinancing deal signals market confidence in Ryan Specialty's creditworthiness and future prospects. The ability to secure better terms in the current economic climate is noteworthy. The extended maturity to 2031 provides a stable long-term capital structure, reducing refinancing risks. This move aligns with industry trends where companies are taking advantage of favorable credit conditions to optimize their debt profiles. For investors, this transaction underscores Ryan Specialty's proactive financial management and could potentially enhance its competitive position in the specialty insurance market. The reduced interest expense may contribute to improved earnings, potentially supporting stock performance in the medium to long term.
The proceeds of the Incremental Term Loan are expected to be applied to reduce the outstanding borrowings under the Company’s revolving credit facility. The Term Loan Facility is expected to bear interest at a rate of SOFR plus
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 Term Loan refinancing and the closing of such transaction 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240909592089/en/
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
What is the new size of Ryan Specialty's (RYAN) term loan facility after refinancing?
What is the new interest rate for Ryan Specialty's (RYAN) refinanced term loan?
When is the expected closing date for Ryan Specialty's (RYAN) term loan refinancing?
What is the new maturity date for Ryan Specialty's (RYAN) refinanced term loan?
How will Ryan Specialty (RYAN) use the proceeds from the Incremental Term Loan?
