Kirs raises £800m bond for five-way merger
Insurance broker Towergate priced its £800m high yield bond to finance its merger with four UK peers, resulting in a new company called Kirs. The deal follows a string of successful high yield sterling issues but faced pre-election jitters.
One investor said that in a non-deal roadshow on May 11, Kirs talked about issuing in euros, sterling and dollars.When Kirs opened its European roadshow on May 29, its B3/B rated deal had three tranches: five year non-call two notes in sterling and dollars, and a sterling floater ...
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