Towergate confirms £396m bond offering rate

mark-hodges-8

Towergate has announced the pricing of £396m of debt, in the form of senior secured notes due in 2018.

The notes offered by subsidiary, Towergate Finance plc, will bear interest at a floating rate of three-month LIBOR plus 550 basis points, reset quarterly.

The offering will be guaranteed on a senior secured basis by Towergate Holdings II and certain subsidiaries, including Towergate Insurance.

Group chief executive officer, Mark Hodges, said: "We're delighted to announce the successful pricing of the bond offering today.

"We have taken advantage of positive market feedback and significant demand

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.

You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Insurance Age? View our subscription options

Register

Sign up and gain access to five complimentary news articles every month.

Already have an account? Sign in here

Meet the MGA: Arkel

Chief underwriting officer Kris Lee outlines why data and people are key to Arkel’s success, none more than recent recruits Matthew Donaldson and Steve Lewis, and how its ‘dream team’ will take it to new heights in a ‘pivotal’ 2025 as it aims to become a multi-line, digitally led £100m MGA.

Superscript partners with Toolstation

Digital insurance broker Superscript has teamed up with Toolstation, one of the UK’s largest suppliers of tools, accessories and building supplies, to deliver the retailer’s customers access to a new insurance offering.

Most read articles loading...

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: