Stone Point Capital Completes $15.5 Billion Acquisition of Truist Insurance

Paul, Weiss advised 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. In connection with the acquisition, Truist entered into a $3.1 billion first lien term loan facility, a $1.175 billion revolving credit facility and a $1.9 billion second lien term loan facility, and issued $3 billion of senior secured notes due 2031. The proceeds of the notes offering, together with the borrowings under the credit facilities and equity provided by Stone Point, Clayton, Dubilier & Rice and other co-investors, were used to complete the acquisition, pay related fees and expenses and fund cash to Truist’s balance sheet.

The Paul, Weiss team was led by corporate partners Eric Wedel, Ben Steadman, Caroline Epstein, Brian Janson, Timothy Cruickshank and Luke Jennings, and included 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.