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An insurance brokerage in the area is planning a major offering of senior notes.
Caledonia-based Acrisure and Acrisure Finance announced today they plan to offer, subject to market conditions, about a $300 million aggregate principal amount of senior notes due 2026.
The issuers intend to use the net proceeds from the notes offering to fund acquisitions and to pay related fees and expenses.
The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended, any state securities laws or the securities laws of any other jurisdiction, and may not be offered or sold in the U.S. absent registration or an applicable exemption from registration.
The notes will be offered and sold only to qualified institutional buyers in accordance with Rule 144A under the Securities Act and outside the U.S. in reliance on Regulation S under the Securities Act.
Founded in 2006, Acrisure is an insurance brokerage that owns insurance and benefits agencies that offer commercial property and casualty, personal lines and employee benefits.
It has locations in 22 states.
Acrisure was ranked the fourth-largest property and casualty insurance provider in the U.S. in 2018 by the Insurance Journal, with over $747 million in 2017 revenue.