Hastings Insurance Group to sell £415m bonds for 50% sale of business

Hastings Insurance Group has launched a £415m senior secured high yield bond to part-finance the takeover of 50% of its business by Goldman Sachs’s Merchant Banking division.

  • By Stefanie Linhardt
  • 09 Oct 2013

The provider of insurance for cars, motorcycles and vans, as well as household and pet insurance, has agreed the acquisition for an enterprise value of £721m.

The deal involves setting up new legal entities, which will issue £1m of ordinary shares and a total of £305m of preference shares ...

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