Ryan Specialty Group Holdings, Inc. announced that the company intended to offer up to $400 million aggregate principal amount of senior secured notes due 2030 in a private offering. The notes will be, jointly and severally, unconditionally guaranteed on a senior secured basis by each of the Company's existing and future wholly owned subsidiaries that guarantee the Company's obligations under its credit agreement. The notes will not be guaranteed by the Parent.

Subject to certain exceptions, the notes will be secured on a first-lien basis by substantially all of the assets that secure the credit facilities under the Company's credit agreement. The Company intends to use the net proceeds from this offering for general corporate purposes, including future acquisition opportunities and investments, and to pay fees and expenses related to this offering. The newly issued senior secured notes will not be registered under the Securities Act of 1933, as amended, or the securities laws of any other jurisdiction, and will not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from the registration requirements.

The offering of the notes will be made only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act and to non-U.S. persons in accordance with Regulation S under the Securities Act.