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Hastings Insurance plans £415 million secured notes in two tranches
By Paul A. Harris
Portland, Ore., Oct. 9 - Hastings Insurance Group (Finance) plc plans to sell £415 million of senior secured notes in two tranches, according to a market source.
The deal is coming in fixed-rate notes due 2020 and floating-rate notes due 2019.
Credit Suisse and Goldman Sachs will lead the deal.
The Suffolk, England-based insurance company plans to use the proceeds to refinance debt and to fund the equity portion of its purchase by Goldman Sachs Principal Investments.
Fitch Ratings has assigned a rating of BB- to the notes in both tranches.
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