Truist Insurance Wraps $6.1 Billion Bond, Loan Sale for LBO
- High-yield bond sale is final piece of financing for buyout
- Bookrunners already have orders in excess of planned deal size
A Truist bank branch in Washington, DC.
Photographer: Graeme Sloan/BloombergThis article is for subscribers only.
A group of debt arrangers led by Morgan Stanley and JPMorgan Chase & Co. priced $6.1 billion in high-yield bonds and leveraged loans to support Stone Point Capital and Clayton Dubilier & Rice’s acquisition of Truist Financial Corp.’s insurance business.
The group sold $3 billion in bonds Friday concurrently with a $3.1 billion first-lien loan, which was downsized by $250 million in favor of the bonds, according to a person familiar with the matter who asked not to be identified because the information is private. Morgan Stanley led the bonds while JPMorgan led the leveraged loan.