Goldman's Hastings in £416.5m refinancing

The refinancing sees the newly placed bonds split into £266.5m of 8% senior secured fixed rate notes due in October 2020, and £150m of senior secured floating rate notes due in October 2019 at an interest rate of Libor plus 600 bps.

Previous investment
Goldman Sachs' Merchant Banking Division (GS MBD) acquired 50% of the UK-based insurer earlier this month in a deal that valued the company at £700m.

Previously, Hastings completed a management buyout in 2009.

Company
Hastings is a UK insurance group offering car, motorcycle, van and household insurance. The company trades under the brands Hastings Direct, People's Choice, Insure and Renew. Advantage Insurance Company is the group's central underwriter. East Sussex-based Hastings employs 1,500 people.

The company posted EBITDA of £83.3m for the year ending on 30 June 2013 against placed premiums of £444.1m. Hastings has 1.3 million customers.

People
Gary Hoffman is CEO of Hastings.

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• Topics
• UK / Ireland
• Financials
• Restructuring
• Goldman Sachs
• United Kingdom
• Refinancing