On 2 April 2015, the Group completed a financial restructuring in relation to the senior secured creditors and senior unsecured creditors of Towergate Finance plc, a former intermediate parent company. As part of these arrangements, TIG Finco plc (a newly formed holding company) acquired the Group for consideration of £735.0m made up of the issue of £425.0m of Senior Secured Notes ("SSNs") by TIG Finco plc and the issue of new shares in TIG Finco plc’s indirect parent company, TIG Topco Limited, valued at £310.0m.

As a result of these arrangements Highbridge Principal Strategies became the Group’s majority shareholder.

On 2 April 2015, TIG Finco plc issued the following:

  • £425,000,000 8.75% Senior Secured Notes ("SSNs") due 2020. The SSNs bear interest on the outstanding principal amount at a rate equal to 8.75% per annum semi-annually in arrears on May 15 and November 15 of each year [beginning on 15 November 2015]; and
  • £75,000,000 Floating Rate Super Senior Secured Notes ("FRNs") due 2020. The FRNs bear interest on the outstanding principal amount at a per annum rate equal to the three-month GBP LIBOR plus 7.50% per annum, reset quarterly. Interest is paid on the FRNs quarterly in arrears on January 15, April 15, July 15 and October 15 of each year [beginning on 15 October 2015].

The Notes are listed on the Global Exchange Market of the Irish Stock Exchange.  

Towergate Insurance Limited is a wholly owned subsidiary of TIG Finco plc. TIG Finco plc is a public limited company incorporated under the laws of England and Wales and a direct wholly-owned subsidiary of TIG Midco Limited, which in turn is a direct wholly-owned subsidiary of TIG Topco. All additional information provided on this website relates to the restructured Towergate Group following 2 April 2015.

 

Investor Relations Contacts

Lois Hutchings - Group FP&A and Investor Relations Analyst

Towergate Insurance Limited

Email: Investor.Relations@towergate.co.uk

Towergate Insurance Limited is a wholly owned subsidiary of TIG Finco plc. TIG Finco plc is an indirectly held wholly owned subsidiary of TIG Topco Limited.