CHICAGO - Ryan Specialty Holdings, Inc. (NYSE: RYAN), a global specialty insurance organization, revealed its plans for a private offering of senior secured notes by its subsidiary, Ryan Specialty, LLC. The offering aims to raise $500 million in aggregate principal amount, with notes maturing in 2032.
The proceeds from the sale of these notes will be used to repay part of the Company's Revolving Credit Facility borrowings, which were utilized for recent acquisitions. The notes will be guaranteed by the Company's subsidiaries and secured by its assets.
The offering targets qualified institutional buyers and non-U.S. persons. Ryan Specialty, founded in 2010, operates as a wholesale broker and managing underwriter, providing specialized insurance products and services.
In other news, Ryan Specialty Group reported a revenue increase for Q2 2024 and announced acquisitions. Barclays initiated coverage on the company, assigning an Overweight rating with a price target of $76.00.
InvestingPro Insights
Ryan Specialty Holdings, Inc. (NYSE: RYAN) is strategically positioning itself with the private offering of senior secured notes. Real-time data from InvestingPro shows a robust market capitalization and positive analyst sentiment towards the company's future.
InvestingPro Data highlights a high Price/Earnings ratio, indicating a premium valuation by the market. The company's revenue growth is strong, and analysts have revised earnings projections upwards.
For a deeper analysis, additional InvestingPro Tips are available on Ryan Specialty's dedicated page. This offering presents an opportunity for potential investors to consider the company's financial health and market performance.