Towergate starts roadshow for £396 million two-part note offering

By Paul A. Harris

Portland, Ore., April 29 - Towergate Finance plc began a roadshow on Monday for a £396 million two-part offering of notes, according to market sources.

The deal includes new five-year senior secured floating-rate notes, which come with one year of call protection.

In addition Towergate plans to tap its 8½% senior secured notes due Feb. 15, 2018, which become callable on Feb. 15, 2014 at 106.375. The original £230 million issue priced at par in February 2011.

Global coordinator Credit Suisse will bill and deliver. Goldman Sachs and Lloyds TSB are also joint global coordinators.

Citigroup, JPMorgan and Morgan Stanley are joint bookrunners.

The Maidstone, England-based independent insurance broker plans to use the proceeds to refinance debt.

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