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Towergate to raise £665m to refinance debt

Towergate Finance has announced a £665m revenue raising plan to help refinance the existing debt of parent company Towergate Partnership.

The firm has announced the offer of £365m senior secured notes due to pay out in 2017 and £300m senior notes due in 2018.

Proceeds from the issuance and sale of the notes together with the proceeds from certain other transactions will be used to refinance the existing debt and redeem certain preferred shares of Towergate Partnership.

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. Richard Price 4th May 2010 at 9:02 am

    Tick, tick, tick, tick …….

  2. Richard Evans 4th May 2010 at 11:30 am

    Tock, tock, tock, tock……

  3. A Nuthernon E Mouse 5th May 2010 at 6:56 pm

    I think Towergate is a busted flush.

    We placed business with them. When they weren’t competitive at renewal and we moved the business, they asked why we hadn’t told them and they could have reduced the premiums.

    Shortly before our office insurance 1st renewal after moving away from them we were contacted by their direct arm, saying our renewal was due shortly and would we like them to quote. When I complained, I was told that it was “coincidence.” Then clients complained of the same thing. Of course it would have been another coincidence…

    Then one of our staff was contacted by name by headhunters acting for Towergate. (He told them where to get off!) Our suspicion is that the headhunters were tipped off by Towergate staff to watch out for good people at the brokers who were providing them with business. I doubt we’ll ever prove it though.

    We once had a 7 figure account with them… 🙂

  4. ……Times up.

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