Horizon Mutual Holdings debut $600 million senior notes offering
The investment-grade notes are due 2034
Davis Polk advised the joint book-running managers and representatives of the initial purchasers on a debut Rule 144A / Regulation S offering by Horizon Mutual Holdings, Inc. of $600 million aggregate principal amount of its 6.200% senior notes due 2034. Horizon intends to use the net proceeds of the offering for general corporate purposes, including investments in a range of health solutions.
Horizon is New Jersey’s largest provider of healthcare coverage. Through its operating insurance subsidiaries, Horizon provides its approximately 3.5 million members, as of June 30, 2024, with access to affordable, high-quality health coverage in all market segments in New Jersey through commercial and governmental health plans and certain-out-of-state benefits.
The Davis Polk capital markets team included partner Pedro J. Bermeo, counsel Jeffrey S. Ramsay and associate Andrew Masaru Orita. The tax team included partner Mario J. Verdolini and associate Kelsey Nelson. Partner David R. Bauer and associates Shreya R. Kundur, Gabrielle Mazero and Kimberly Hickey provided intellectual property advice. All members of the Davis Polk team are based in the New York office.