Ardonagh moves forward with refinancing

David Ross

Ardonagh Group has taken the next step as part of its £1.9bn refinancing deal which was announced earlier this week.

The business has priced the offering of $500m in aggregate principal amount of Ardonagh Midco 2 plc’s 11.50% / 12.75% senior PIK toggle notes due which are due 2027.

Payment in kind
The notes are priced at an issue price of 99% and have a coupon of 11.50% for cash interest and 12.75% for interest paid in kind. The Notes are expected to be issued on 14 July 2020.

A ‘payment in

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