Broker will use proceeds to refinance existing borrowings
Broking group Jardine Lloyd Thompson (JLT) has completed a $125m (£79.1m) private placement of unsecured loan notes to individual investors.
The notes were issued by JLT's wholly owned subsidiary, JIB Group Ltd, and consist of $42m of seven-year notes with a coupon of 5.02%; $42m of 10-year notes with a coupon of 5.59%; and $41m of 12 year notes with a coupon of 5.69%.
The proceeds of the private placement have been swapped into sterling at Libor based floating rates and will be used to refinance existing borrowings under JLT's revolving credit facilities.
At 30 June 2010, the broker had unsecured committed revolving credit facilities totaling £258m maturing in December 2011.
The issue was five times oversubscribed. Barclays Capital and The Royal Bank of Scotland acted as joint agents and bookrunners for the transaction.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
No comments yet