Towergate CEO Hodges hails new "flexible debt structure" after £396m bond issue
Towergate has announced the pricing of the offering by its subsidiary, Towergate Finance, of floating rate senior secured notes due 2018 in an aggregate principal amount of £396m.
The broker said the notes will bear interest at a floating rate of three-month LIBOR plus 550 basis points, reset quarterly, and will be guaranteed on a senior secured basis by Towergate Holdings II
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