Towergate confirms £396m bond offering rate
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
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