Stone Point Capital and Co-Investors Complete Senior Secured Notes Offering for $15.5 Billion Truist Acquisition

Paul, Weiss is advising Stone Point Capital in the financing for the previously announced $15.5 billion acquisition of Truist Insurance Holdings, LLC, led by Stone Point and Clayton, Dubilier & Rice, consisting of a $3.1 billion first lien term loan facility, a $1.175 billion revolving credit facility, a $1.9 billion second lien term loan facility and $3.0 billion of senior secured notes due 2031.

The senior secured notes offering closed into escrow. The proceeds of the offering, together with the borrowings under the credit facilities and equity provided by Stone Point, Clayton, Dubilier & Rice and other co-investors, will be used to complete the acquisition, pay related fees and expenses and fund cash to Truist’s balance sheet.

The acquisition is expected to close during the second quarter of 2024, subject to customary regulatory reviews and approvals.

The Paul, Weiss team is led by corporate partners Eric Wedel, Ben Steadman, Caroline Epstein, Brian Janson, Tim Cruickshank and Luke Jennings, and includes counsel David Sobel and Adam Longenbach; tax partner Robert Holo and counsel Samir Kurani; intellectual property partner Jonathan Ashtor and counsel Elana Bensoul; executive compensation counsel Jake Glazeski; and environmental counsel William O’Brien.