Inusrance group issues £266.5m of fixed-rate bonds and £150m of floating-rate notes
Hastings has completed its £416.5m debt refinancing programme.
The company has issued £266.5m of bonds that pay investors a fixed 8% rate of interest and £150m of bonds that pay a variable interest rate of 6% above the London Interbank Offered Rate (Libor).
The fixed-rate bonds mature in October 2020 and the variable-rate bonds in October 2019.
Last week rating agency Moody’s assigned a B2 rating to the bonds, which have been issued as part of Goldman Sachs’s investment in the company.
Hastings underwent a management buy-out in 2009 and has grown rapidly since. For the year to 30 June 2013, the broking and insurance firm placed £444.1m of gross premium and reported adjusted earnings before interest, tax, depreciation and amortisation of £83.3m.
Hastings also reported a 2012 profit of £40m and return on capital of 37%.
Hastings chief executive Gary Hoffman said: “Hastings is a fast growing, successful general insurance business. We have a clear strategic plan to continue providing refreshingly straightforward insurance. We are proud of what we do, but know we can get better – we intend to be a force for good in the industry.
“The strong appetite for the bond is a testament to the market’s confidence in the financial performance and stability of our business.
“With over £700m of institutional and shareholder capital behind us we can look forward to the future with huge confidence.”
It's the perfect way to acknowledge hard work, inspire your team, and network with industry leaders.
Crucially, as many of our attendees have done before, you can use your table booking as the perfect, hassle-free Team Christmas Party, combining prestige, celebration, and a memorable night they'll talk about all year!
No comments yet