Towergate aims to raise £665m to pay off investors and shift around debt burden
Towergate is aiming to raise £665m from investors to refinance existing debt and partially pay off its private equity investors.
The consolidator is offering £365m of senior secured notes which will fall due 2017 and £300m of senior notes due to pay out in 2018.
The deal will effectively see a large portion of Towergate’s debt burden being shifted from the banks onto the bond markets, while giving back some cash to its private equity backers.
Towergate Finance, part of the Towergate Partnership, is carrying out the deal.
For more read next week’s issue of Insurance Times.
