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BRIEF-Towergate Insurance says enters pact with lenders to restructure debt
February 2, 2015 / 7:27 AM / 3 years ago

BRIEF-Towergate Insurance says enters pact with lenders to restructure debt

Feb 2 (Reuters) - Towergate Insurance

* Agreed with senior secured creditors to implement a financial restructuring and recapitalisation of group

* Creditors to convert existing claims into £375 million of new senior secured notes, £150 million of subordinated pik notes, shares in new holding co

* Following the transaction, net senior debt will be reduced by more than 60%

* Agreement will result in the transfer of 100% ownership in Towergate to its senior secured creditors

* Agreement includes provision of new super senior notes for £75 million which will be fully funded at completion (Bengaluru Newsroom: +91 80 6749 1136)

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