Towergate pulls off £1bn+ refinancing coup
Debt-laden broker acquirer Towergate Partnership has silenced its critics by successfully pushing ahead with a refinancing exercise that combines £930mn of new debt and £200mn of new equity.
The debt portion of the refinancing includes £410mn of new bank debt facilities from a consortium led by Lloyds Bank Corporate Markets and Goldman Sachs.
News of the bank element of the refinancing comes little more than a week after it emerged that Towergate had successfully placed £520mn of bonds.
The Insurance...
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