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News Jun 26, 2017

Shearman & Sterling Advises on KIRS Group’s High Yield Bond Offering

Shearman & Sterling advised BofA Merrill Lynch, Barclays, Credit Suisse, Goldman Sachs International and KKR as initial purchasers of KIRS Group’s £806 million equivalent high yield bond offering. 

The offering comprised £400 million of 8.375% senior secured notes due 2023 and $520 million of 8.625% senior secured notes due 2023. The proceeds of the offering will be used to refinance existing debts and finance the acquisition of certain targets in the UK insurance industry.

The Shearman & Sterling team included partners Caroline Leeds Ruby, James Duncan and Patrick Clancy (all London-Finance), Kristen Garry (Washington, DC-Tax), Simon Letherman (London-Tax); associates Sara Couling, David Shennan, Warren Stapley and Charlotte Rice (all London-Finance), Melanie Probst and Steven Holm (both London-Capital Markets), Sarah Moir-Porteous (London-Tax) and Devon Yamauchi (Washington, DC-Tax); and trainees Danielle Altink, Frances Burchall, Matthew Humphreys, Omar Alkaffas and Charlie Marmion.