We advised the initial purchasers, the administrative agent and the lenders

Davis Polk advised the representative of the several initial purchasers in a Rule 144A / Regulation S offering by Ryan Specialty, LLC (Ryan Specialty), a subsidiary of Ryan Specialty Holdings, Inc., of $600 million aggregate principal amount of its 5.875% senior secured notes due 2032.

We also advised the administrative agent and several other banks as joint lenders and bridge lenders, as applicable, in connection with (i) an $800 million upsize of Ryan Specialty’s existing revolving facility to $1.4 billion, as well as the addition of Ryan Specialty Holdings International Limited as borrower under the revolving facility, (ii) a $1.6 billion refinancing term loan facility and a $100 million incremental term loan facility for Ryan Specialty, and (iii) a commitment to provide a bridge facility up to $500 million to 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.

The Davis Polk capital markets team included partner Pedro J. Bermeo and associates Claudia Carvajal Lopez, Juan Diego Tibaduiza and Yuchen Liu. The finance team included partners Meyer C. Dworkin and Scott M. Herrig and associates Theodore N. Batis and Sharon Chen. Partner Dominic Foulkes and associate Patrick O’Donovan provided tax advice. Members of the Davis Polk team are based in the New York and London offices.

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