Direct Line could raise £500m ahead of flotation
Direct Line, the newly rebranded insurance arm of RBS, plans to raise £500m through selling debt, according to the Telegraph.
The newspaper reported that the company has asked RBS, Citigroup and HSBC to arrange meetings with investors in an effort to sell between £250m and £500m of debt.
Direct Line currently has no debt, but is expected to take some on as part of a reorganisation of its structure before its listing.
Raising debt could allow the company to pay a dividend to parent company RBS, which is expected to receive a dividend of up to £1bn from Direct Line ahead of the flotation, which is to take place before
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