A UK and European life insurance consolidator has secured a £200m boost to aid further investments and make further acquisitions.
Chesnara, the Preston-headquartered owner of Countrywide Assured, has priced its inaugural debt capital markets issuance of £200m Tier 2 Subordinated Notes.
The listed company said the net proceeds of the notes will be used for general corporate purposes, including investments and acquisitions.
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The move comes after the group agreed to acquire a specialist provider of insurance and long-term savings products in the UK for almost £40m last year.
Chief executive Steve Murray said: "We are delighted with the level of investor interest in Chesnara's first notes issuance.
"The financing will be utilised primarily to provide financial flexibility and accelerate our growth strategy including the delivery of value from future acquisitions, while also underpinning, and diversifying our group's capital structure.
"The notes represent an important milestone for Chesnara in enhancing our Group's financing capabilities which will leave Chesnara well positioned to pursue further growth opportunities."
