Milbank LLP represented the initial purchasers in connection with Ardonagh Finco Limited’s offerings of $750 million 73/4% senior secured notes due 2031 and €500 million 67/8% senior secured notes due 2031 and Ardonagh Group Finance Limited’s offering of $1 billion 87/8% senior notes due 2032. Milbank also advised the lenders on Ardonagh Midco 3 plc’s £300 million revolving credit facility.
The proceeds of the offerings, together with the proceeds of a new $3.3 billion-equivalent unitranche financing ranking pari passu with the senior secured notes, will be used to redeem 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 European Leveraged Finance/Capital Markets partners Rebecca Marques and Laura Bonamis with associates Melanie Probst, Maria Schweinberger, Bie Cookey, James Aurelius, Andrew Mavers, law clerk Harshavardhan Sunder, legal assistant Matteo Bonacina and trainee Argyll Reid. The team had assistance from New York Leveraged Finance partners Michael Bellucci and Spencer Pepper, special counsel Janet Nadile and associate Annaliese Snodgrass, and Tax partner Eschi Rahimi-Laridjani, special counsels Craig Cohen and Andrew Callaghan, associate Seth Moreida and trainee Nik Repin.
