Practice Areas - International Finance and Bank Credit Law Firms and Lawyers
| Deal Date: | 15-07-2020 | Practice Area: | International Finance and Bank Credit |
| Deal Title: | The Ardonagh Group New Super Senior Revolving Facility | Industry: | Nonlife Insurance |
| Description: |
Milbank LLP represented the initial purchasers of USD500 million 11.5%/ 12.75% senior PIK toggle notes due 2027 issued by Ardonagh Midco 2 plc, a subsidiary of The Ardonagh Group Limited. Milbank also advised the lenders under a new super senior revolving credit facility.
The transaction was the first of its type, a PIK toggle notes offering combined with a unitranche financing, and incorporated a number of innovative features.
The USD500 million notes were issued alongside the entry by Ardonagh into a credit facility agreement in respect of a senior secured term loan facility of GBP1,575 million (equivalent), a senior secured committed capital expenditures multi-currency term loan facility and the super senior revolving credit facility.
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| Financial Center: | London | Value: | 1000.01-5000.00 |
| Advised Party: | Lender | Law Firm | Milbank |
| Borrower | United Kingdom | Lender | United Kingdom |
| Classification: |
Syndicated and Bilateral Loans Syndicated Loans |
Lawyer | Alexandra Grant |
