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Towergate Finance intends to start roadshow Tuesday for £570 million two-part notes offering
By Paul A. Harris
Portland, Ore., Jan. 31 - England-based Towergate Finance plc will return to the high-yield market with a debt refinancing deal that it postponed during spring 2010, market sources said Monday.
The company will begin a roadshow on Tuesday for £570 million equivalent two-part deal.
The independent insurance broker intends to sell £280 million equivalent of seven-year senior secured notes (expected ratings B1//BB). The seven-year notes come with three years of call protection.
Towergate also plans to sell £290 million equivalent of eight-year senior unsecured notes (expected ratings B3//B-). The eight-year notes come with four years of call protection.
The mix of currencies in which the bonds will be offered remains to be determined, market sources said.
J.P Morgan Securities is a joint bookrunner and will bill and deliver. Credit Suisse, Goldman Sachs and Lloyds TSB are the joint bookrunners.
Proceeds will be used to refinance debt.
The overall offering comes downsized from the £665 million equivalent amount that Towergate postponed last spring.
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