New York, Oct. 20 – Ardonagh Group Ltd. completed the sale of a £55 million add-on to its 8 3/8% senior secured notes due 2023, according to a company announcement.
Proceeds from the offering have been placed in escrow and will be used to fund the company’s acquisition of Carole Nash Insurance Consultants Ltd.
Once the acquisition closes, the additional notes will be fungible with the £400 million existing issue sold by Kirs Group Ltd. that settled on June 20.
Ardonagh is a London-based insurance holding company with its registered office St. Helier, Jersey.
Issuer: | Ardonagh Group Ltd.
|
Issue: | Senior secured notes
|
Amount: | £55 million
|
Maturity: | July 15, 2023
|
Coupon: | 8 3/8%
|
Call: | Make-whole call at Treasuries plus 50 bps until July 15, 2020, then callable at 104.188
|
Equity clawback: | For 40% at 108.375 until July 15, 2020
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.