Ryan Specialty Holdings, Inc. (NYSE: RYAN) ("Ryan Specialty") has announced that its subsidiary, Ryan Specialty, LLC, has priced an offering of $600 million in aggregate principal amount of its 5.875% senior secured notes due 2032. This represents an increase of $100 million from the previously announced aggregate offering size. The notes were priced at 100% of par and are expected to be completed on September 19, 2024.
The notes will be guaranteed on a senior secured basis by the company’s existing and future wholly owned subsidiaries that guarantee its obligations under its credit agreement, 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.
Ryan Specialty, 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.
As of now, there are no specific metrics or financial changes provided in the press release. As a result of these announcements, the company's shares have moved 0.5% on the market, and are now trading at a price of $64.37. If you want to know more, read the company's complete 8-K report here.
