Compre, the international specialist legacy group, has raised $200 million equivalent of subordinated Tier 2 debt in two tranches from a group of institutional investors, which it plans to use to support its growth ambitions.
The net proceeds of the issue of the notes will be used by Compre for its general corporate purposes, including the refinancing of existing senior indebtedness.
It will also be used to support growth following Compre’s acquisition of a $417 million legacy liability portfolio from SiriusPoint last year, as well as to help optimise the group’s regulatory capital structure.
“Compre is extremely proud to have completed this debt raise, which was a considerable achievement given the current economic environment,” said Ian Patrick, Group Chief Financial Officer of Compre who led the issue
“I would like to thank all of our investors, advisers and our team who helped to deliver this, which, in turn, will enable Compre to deliver further growth and fully capitalise on our potential.”
Tranche one of the issuance consists of US Dollar-denominated fixed rate notes of $160 million, and the second tranche consists of Euro-denominated floating rate notes of €37.5 million (~$40 million).
The investors in the notes are specialist international investment funds and Compre was supported in the issuances by Goldman Sachs International as Sole Lead Manager.
