Ryan Specialty Holdings, Inc. (NYSE: RYAN) has announced the launch of a private offering of $500 million aggregate principal amount of senior secured notes due 2032 by its subsidiary, Ryan Specialty, LLC. The notes will be guaranteed on a senior secured basis by the company's existing and future wholly owned subsidiaries and 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 net proceeds from this offering will be used 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 Florida, Inc., and to pay fees and expenses related to this offering.
The offering of the notes will be made only to qualified institutional buyers in accordance with Rule 144A under the Securities Act and to non-U.S. persons in accordance with Regulation S under the Securities Act. The newly issued senior secured notes will not be registered under the Securities Act of 1933 or the securities laws of any other jurisdiction.
Ryan Specialty, LLC, founded in 2010, is a service provider of specialty products and solutions for insurance brokers, agents, and carriers. It 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.
No forward-looking statements have been included in this release. As a result of these announcements, the company's shares have moved 0.4% on the market, and are now trading at a price of $64.29. For the full picture, make sure to review Ryan Specialty's 8-K report.
