Shearman & Sterling has represented Towergate Finance plc, a leading independently owned insurance intermediary company distributing general insurance products in the United Kingdom, on its £520 million bond offering. The firm also represented Towergate in connection with its £410 million loan facilities and one of its parent companies in connection with its £44 million PIK (payment in kind) loans.

Concurrently with the offering, Advent International Corporation made a £200 million equity contribution to the Towergate group. The offering closed on 11 February and was followed by the corporate reorganization of the Towergate group. Towergate used the proceeds from the offering, the loan facilities, and the PIK loans to, among other things, repay its outstanding debt and redeem its preference shares.