Simpson Thacher represented Morgan Stanley & Co. LLC and the other initial purchasers in connection with an offering by subsidiaries of Alliant Holdings, L.P. (“Alliant Insurance”) of $150 million aggregate principal amount of additional 8.25% senior notes due 2023 pursuant to Rule 144A and Regulation S. The additional notes constitute a further issuance of the issuers’ existing 8.25% senior notes due 2023 issued on August 13, 2015. Following this offering, the issuers had $685 million aggregate principal amount of 8.25% senior notes due 2023 outstanding under the indenture. The additional notes offering closed on September 18, 2017. The issuers intend to use the net proceeds from the offering, together with cash on hand, to repurchase minority equity interests in a parent entity of Alliant Insurance.
Simpson Thacher also represented Morgan Stanley Senior Funding, Inc., as administrative agent, in connection with the concurrent amendment of Alliant Insurance’s senior secured credit facilities. In addition, Simpson Thacher represented Morgan Stanley & Co. LLC, as solicitation agent, in connection with the solicitation of consents from holders of the existing 8.25% senior notes due 2023 and the corresponding amendment to the related indenture.
Alliant Insurance is a specialty-oriented, middle-market insurance brokerage organization providing property and casualty and employee benefits products and services on a national scale.
The Simpson Thacher team for these transactions included Mark Brod, Teresa Chen and Ashley Yoon (Capital Markets); Justin Lungstrum, Eli Isak and Kyle Spies (Banking and Credit); Steve DeLott (Insurance Regulatory); Jonathan Cantor and Christopher J. Murray (Tax); Eric Wolf and Madeline Sprung-Keyser (Executive Compensation and Employee Benefits); and Andrew Pagliughi (Blue Sky).