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.
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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