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Towergate meets condition to call 8¾% notes and floaters due 2020
By Susanna Moon
Chicago, June 22 – KIRS Finco plc, formerly TIG Finco plc, said it satisfied the conditions to redeem its £425 million of 8¾% senior secured notes due 2020 and £75 million of floating-rate super senior secured notes due 2020.
As announced on May 24, 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.
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 was 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.
As reported, KIRS Group Ltd. priced £800 million equivalent of six-year senior secured notes at par in a restructured deal on June 6.
The deal consisted of £400 million 8 3/8% notes and $520 million 8 5/8% notes.
KIRS does business under the name Towergate Insurance Ltd. It distributes general insurance products in the United Kingdom and is based in Maidstone, England.
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