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Hastings Group Holdings said on Thursday that it was looking to shield itself from future interest rate movements by issuing a fixed rate senior bond in the sterling market.
The UK car insurance company has hired Barclays, HSBC and Lloyds Bank to arrange a series of meetings with credit investors from Friday. It expects to issue about £250m of seven year senior unsecured debt in sterling following the roadshow.
In a statement announcing its intention to issue senior bonds, the firm said that a fixed rate deal would “provide longer term committed financing for the group and reduce exposure to interest rate movements”.
The bulk of the company’s existing financial liabilities come from a revolving credit facility worth...