Ryan Specialty Holdings (NYSE: RYAN) Prices Upsized Offering of Senior Secured Notes

On December 2, 2024, Ryan Specialty Holdings, Inc. (Ryan Specialty) has confirmed in an 8-K filing that its subsidiary, Ryan Specialty, LLC, has priced a private offering of $600.0 million in aggregate principal amount of additional 5.875% Senior Secured Notes due 2032. This offering represents an increase of $100.0 million from the previously disclosed aggregate offering size.

The newly defined New 2032 Notes are an addition to the existing $600.0 million in aggregate principal amount of the Company’s 5.875% Senior Secured Notes due 2032, issued on September 19, 2024. The pricing of the New 2032 Notes was set at 99.500% of par, with the anticipated completion of the sale on December 9, 2024, subject to customary closing conditions.

Both the Existing 2032 Notes and the New 2032 Notes are to be guaranteed jointly and severally, unconditionally on a senior secured basis by each of the Company’s existing and future wholly-owned subsidiaries. These subsidiaries will maintain their obligations under the Company’s 4.375% Senior Secured Notes due 2030 (Existing 2030 Notes) and its credit agreement.

The net proceeds from the offering of the New 2032 Notes have been earmarked by the Company for future acquisition opportunities, investment activities consistent with its acquisition strategy, and general corporate purposes. A portion of the proceeds will also be allocated to the repayment of up to $400.0 million of outstanding borrowings under the Company’s Revolving Credit Facility, which were used to finance the acquisition of Innovisk Capital Partners on November 4, 2024.

The Existing 2030 Notes and Existing 2032 Notes, as well as the New 2032 Notes, are not registered under the Securities Act of 1933 or securities laws of any other jurisdiction. They are not available for sale in the United States or to U.S. persons unless registered or exempt from registration requirements under applicable laws.

The Company advised that the offering of the New 2032 Notes will align with Rule 144A under the Securities Act and Reg. S under the Securities Act, targeting qualified institutional buyers and non-U.S. persons.

This press release issued by Ryan Specialty additionally includes forward-looking statements concerning the notes offering and the use of proceeds. The Company cautions investors about the inherent risks and uncertainties associated with these statements, urging prudence.

Investors and shareholders seeking further information are encouraged to contact Director of Investor Relations, Nicholas Mezick, at [email protected] or reach out to Chief Marketing and Communications Officer, Alice Phillips Topping, at [email protected].

Source: Ryan Specialty Holdings, Inc.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Ryan Specialty’s 8K filing here.

About Ryan Specialty

Ryan Specialty Holdings, Inc operates as a service provider of specialty products and solutions for insurance brokers, agents, and carriers in the United States, Canada, the United Kingdom, Europe, and Singapore. It offers distribution, underwriting, product development, administration, and risk management services by acting as a wholesale broker and a managing underwriter.