Towergate owner issues £800m debt offer
Bond offering to refinance existing debt.
The newly formed KIRS Group created by Towergate’s backers has launched an £800m secured bond offering and committed to enter into a £90m super senior revolving credit facility.
The business confirmed that the money would be used to refinance existing debt, pay for buying Direct Group and Chase Templeton, pay transaction costs and put cash on its balance sheet.
Network
KIRS Group was set up earlier this month when Towergate’s investors HPS Investment Partners and Madison Dearborn Partners
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