Hastings raises £416.5m of debt financing
Hastings Insurance Group has placed £416.5m of senior secured bonds on the Irish Stock Exchange.
The company said that the offering was split into £266.5m 8% senior secured fixed rate notes due in October 2020 and £150m due in October 2019 at an interest rate of Libor plus 600 basis points.
Hastings chief executive Gary Hoffman said: "The strong appetite for the bond is a testament to the market's confidence in the financial performance and stability of our business.
"With over £700m of institutional and shareholder capital behind us we can look forward to the future with huge confidence."
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