Beazley raises £150m in debt, opens French office
Beazley Group has announced it has conditionally agreed to raise £150m of Lower Tier Two long term subordinated debt, through the issue of Fixed / Floating Rate Subordinated Notes due 2026. The proceeds of the Issue will be used to replace an existing short term facility and to support opportunities to grow the business as they arise.
The Issue is callable on 17 October 2016 and bears an initial interest at the rate of 7.25 per cent, payable annually in arrear, representing a spread of 265 basis points over the benchmark gilt
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