Goldman’s Hastings in £416.5m refinancing
Hastings Insurance Group, which recently secured investment from Goldman Sachs, has placed a £416.5m senior secured bond on the Irish Stock Exchange.
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.
More on UK / Ireland
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater
Latest News
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater