Ardonagh completes more than $5bn refinance
Ardonagh has completed a refinancing process switching over $5bn of debt (£3.9bn) to better terms.
The plans were first reported in February.
The total included $750m from senior secured notes due 2031 at a rate of 7.75% and €500m (£426.2m) at a rate of 6.875% due 2031 along with $1bn of senior notes due 2032 at 8.875%.
The buyers were advised by international law firm Milbank who also advised the lenders on a £300m revolving credit facility.
Milbank said: “The proceeds of the offerings, together with the proceeds of a new $3.3bn-equivalent unitranche financing ranking pari passu with the senior
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