Feb 2 (Reuters) - Towergate Insurance, a debt-laden British insurance broker, said on Monday that it had sold itself to its senior secured creditors under the terms of a restructuring and recapitalisation deal.
Towergate said its senior secured creditors would convert their existing claims into 375 million pounds (about $564 million) of new senior secured notes, 150 million pounds of subordinated PIK notes, 100 percent of the ordinary shares of the new holding company. (bit.ly/1CoMZVT)
Following the transaction, net senior debt would be reduced by more than 60 percent, Towergate said. ($1 = 0.6645 pounds) (Reporting by Richa Naidu in Bengaluru; Editing by Gopakumar Warrier)