Issuance of Debt
01 June 2018
The Ardonagh Group (“the Group”) today announces that it has secured commitments to purchase £98.3 million in aggregate principal amount of its 8.325% senior secured notes due 2023. The new notes will be fungible with the Group's existing GBP 8.325% senior secured notes due 2023.
The proceeds will be used for the repayment of existing indebtedness under the Group’s revolving credit facility debt and for general corporate purposes, including further investments in the business.
David Ross, CEO of The Ardonagh Group commented today:
“This endorsement of both our strategy and pace of execution is testament to 6,000 employees across the Group who are driving the momentum behind our leading brands and businesses. Almost a year after the creation of Ardonagh, we find ourselves owning and creating real opportunities to drive growth from this unique platform which continues to attract investment and market leading talent.”
Notes to Editors
ABOUT THE ARDONAGH GROUP
The Ardonagh Group is the UK’s largest independent insurance broker with global reach. We are a network of over 100 office locations and a workforce of 6,000 people. The Ardonagh Group was created in June 2017, bringing together Autonet, Chase Templeton, Direct Group, Price Forbes and Towergate, with the additional acquisitions of Healthy Pets in August 2017, and Carole Nash and Mastercover announced in December 2017. Our understanding of the communities we serve, together with our scale and breadth, allows us to work with our insurer partners to deliver solutions that meet our customer needs.