Cinven raises £427m for GFS Phoenix acquisition
Lloyds, National Bank of Australia, Royal Bank of Canada and Royal Bank of Scotland have underwritten £427m of senior loans to support the acquisition of 300,000 in-payment pension annuities by Guardian Financials Services, the life insurance group that Cinven bought in November 2011, from Phoenix Group.
The loan is in the form of a single amortising tranche with a maturity of five years and a margin of 425bp. The debt will also refinance the £125m of loans that Cinven used to acquire Guardian from Aegon last year.
Phoenix Group is transferring about £5bn of assets
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