Ryan Specialty Successfully Reprices Term Loan, Lowers Cost of Capital
January 19 2024 - 8:18AM
Business Wire
Ryan Specialty Holdings, Inc. (NYSE: RYAN) (“Ryan Specialty”), a
leading international specialty insurance firm, today announced the
successful repricing of its $1.65 billion term loan debt (“Term
Loan”), which is expected to reduce its annual cash interest
expense by approximately $5.6 million.
The repriced Term Loan bears an interest rate of SOFR plus
2.75%, an improvement of 25 basis points from the prior Term Loan,
and no longer contains a Credit Spread Adjustment. The Term Loan’s
maturity date of September 2027 and other material provisions
remain unchanged.
Forward-Looking Statements
This communication contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. In this context, forward-looking statements often address
expected future business and financial performance and financial
condition, and often contain words such as “anticipate,”
“estimate,” “expect,” “project,” “plan,” “intend,” “believe,”
“may,” “will,” “should,” “can have,” “likely” and variations of
such words and similar expressions. Forward-looking statements are
neither historical facts nor assurances of future performance.
Instead, they are based only on our current beliefs, expectations,
and assumptions regarding the future of our business, future plans
and strategies, projections, anticipated events and trends, the
economy, and other future conditions. Because forward-looking
statements relate to the future, they are subject to inherent
uncertainties, risks, and changes in circumstances that are
difficult to predict and many of which are outside of our control.
Accordingly, you should not place undue reliance on these
statements, as actual results may vary materially. For more detail
on the risk factors that may affect the Company’s results, see the
section entitled "Risk Factors" in our most recent annual report on
Form 10-K filed with the SEC, and in other documents filed with, or
furnished to, the SEC. Any forward-looking statement made by us in
this communication is based only on information currently available
to us and speaks only as of the date of this report. We do not
assume any obligation to publicly provide revisions or updates to
any forward-looking statements, whether as a result of new
information, future developments or otherwise, should circumstances
change, except as otherwise required by securities and other
applicable laws.
About Ryan Specialty
Founded in 2010, Ryan Specialty is a service provider of
specialty products and solutions for insurance brokers, agents and
carriers. Ryan Specialty provides distribution, underwriting,
product development, administration and risk management services by
acting as a wholesale broker and a managing underwriter with
delegated authority from insurance carriers. Ryan Specialty’s
mission is to provide industry-leading innovative specialty
insurance solutions for insurance brokers, agents and carriers.
ryanspecialty.com
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version on businesswire.com: https://www.businesswire.com/news/home/20240118456864/en/
Investor Relations Nicholas Mezick Director, Investor
Relations Ryan Specialty IR@ryanspecialty.com (312) 784-6152
Media Relations Alice Phillips Topping Chief Marketing
& Communications Officer Ryan Specialty
Alice.Topping@ryanspecialty.com (312) 635-5976
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