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Towergate makes contingent call for 8¾% notes and floaters due 2020
By Susanna Moon
Chicago, May 24 – KIRS Finco plc, formerly TIG Finco plc, said it will redeem its £425 million 8¾% senior secured notes due 2020 and £75 million floating-rate super senior secured notes due 2020.
The notes will be redeemed on June 23 at a price of 101 for the 8¾% notes and a price of 102 for the floaters, according to a company notice.
The redemption price will amount to £429.25 million for the 8¾% notes and £76.5 million for the floaters, plus any additional amounts and accrued interest to the redemption date.
The call is contingent on the issuer obtaining funds to redeem the notes and also acquiring the entire issued share capital of Nevada Investments Topco Ltd. (Cayman) including all of its subsidiaries and newly acquired assets before redemption.
KIRS distributes general insurance products in the United Kingdom and is based in Maidstone, England.
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