Towergate parent in £800m debt issuance
KIRS Group, the holding company being created to combine Autonet, Chase Templeton, Direct Group, Price Forbes and Towergate, is launching a secured bond offering for an aggregate principal amount of £800 million, alongside committing to enter into a £90 million super senior revolving credit facility.
Independent insurance intermediary group KIRS is backed by private equity firms HPS Investment Partners and Madison Dearborn Partners.
KIRS chairman John Tiner said: "The management team has held a number of successful meetings with potential and existing investors globally over the course of the last couple of weeks. The response to the creation of the KIRS Group, given its ability to broaden its services to clients and provide a platform for further expansion has been positive.”
CEO David Ross added: “The unveiling of the KIRS vision is proving to be the momentous shake up of UK General Insurance we always envisioned it would. During these early, critical days of this Group, we are delighted by the feedback and support we have had from our people, peers and industry at large, all of whom have welcomed the news.”
Bank of America Merrill Lynch will act as global coordinator and sole physical bookrunner for the bond offering. Barclays, Credit Suisse, Goldman Sachs and KKR Capital Markets will act as joint bookrunners for the bond offering.
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