Towergate postpones bond issue
Towergate refinancing on hold
Towergate's plans to raise £665m on the corporate debt market have been delayed after market volatility saw costs increase. Towergate's senior management have been on a whistle stop tour of Europe and the US but decided to the cost was too high to refinance as the broker tries to redeem preference shares with high rates of interest and create more funding for acquisitions. Group chief executive Andy Homer said Towergate would review the situation in four to six weeks time.
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