By Isha Marathe

June 6 - (The Insurer) - Acrisure LLC and Acrisure Finance Inc have announced the pricing of $550 million aggregate principal amount of 6.75% secured senior notes due 2032.

The issuers intend to use the net proceeds from the offering – together with the proceeds from a new tranche of refinancing term loans in an aggregate principal amount of $1.34 billion, the proceeds from a new tranche of incremental term loans in an aggregate principal amount of $457 million, and cash on hand – to refinance all outstanding 2024 repricing term B-1 loans, repay all outstanding revolving credit loans, fund future acquisitions and pay related fees and expenses.

Acrisure announced late on Thursday that the notes are expected to be issued at an issue price of 100%.

The company earlier on Thursday had announced that it planned to issue more than $750 million aggregate principal amount of secured senior notes due in 2032.

S&P Global Ratings assigned a B debt rating to Acrisure LLC's proposed $1.6 billion term loan B-7 due 2032 and $750 million of other secured debt.

When announcing the rating, S&P said that Acrisure's total revenue grew 7% for the 12 months ended March 31 as the company toned down acquisitions to focus on internal initiatives.

In May, Acrisure announced that it had agreed to issue new convertible preferred stock to a group of investors led by Bain Capital. The $2.1 billion capital raise also included Gallatin Point Capital and Apollo Funds and valued the broker and fintech firm at $32 billion.

The valuation is a 40% increase from when Acrisure last raised funds from institutional investors three years ago, as it continues to tap private investors on its path to a potential initial public offering, The Insurer reported.