Ardonagh moves forward with refinancing
The $500m ‘payment-in-kind’ toggle notes have been priced as the business progresses with £1.9bn refinancing which includes a $300m war chest.
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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