Milbank Advises in Connection with Ardonagh’s $1.1B High Yield Bond Offerings

Milbank LLP represented the initial purchasers in connection with Ardonagh Finco Limited’s offerings of $315 million 73/4% senior secured notes due 2031 and €300 million 67/8% senior secured notes due 2031 and Ardonagh Group Finance Limited’s offering of $530 million 87/8% senior notes due 2032.  

The proceeds of the offerings, together with the proceeds from certain other transactions, will be used to repay certain of the group’s existing indebtedness, to pay related fees and expenses, and for general corporate purposes.

Ardonagh is the largest independent insurance broker in the United Kingdom and among the largest globally.

The Milbank team was led by Capital Markets partner Rebecca Marques, special counsel Melanie Probst, and associates Maria C. Schweinberger, Harshavardhan Sunder, Matteo Bonacina, Dimitris Krokos and Alexandros Makris. The team had assistance from New York Tax partner Eschi Rahimi-Laridjani.