PSC Insurance Group Ltd raises debt facilities to support two acquisitions

Financial Services | International | Mergers & Acquisitions | South East

Clearwater International UK debt advisory team has advised Australian-based PSC Insurance Group Ltd (PSC) on raising £35m of committed facilities plus a £50m incremental facility from Barings.

PSC, a diversified insurance services group with a market capitalisation of approximately £342m, has more than 40 businesses operating across Australia, the UK and New Zealand.

PSC entered the UK market after acquiring Carroll Holman in 2012. The UK market is a core strategic focus for PSC due to its global importance to the insurance industry, with a diverse range of UK focused wholesale, retail and managing general agent offerings.

The debt raised, in conjunction with PSC’s recent successful institutional share placement, has given the Group funding capacity to refinance existing UK debt facilities, complete the 100% share acquisitions of Lloyds of London brokers Paragon International Holdings (Paragon) and Carroll Insurance Group Ltd (CIG) and provided a significant war chest to support PSC’s future acquisitive growth in the UK markets over the long term.

The Clearwater International team consisted of Partner Chris Smith and Associate Director Hertej Rattan.

Joshua Reid, Group CFO at PSC Insurance Group Ltd, said: “The Clearwater International debt advisory team played a key role in negotiating a financing structure to support PSC’s next phase of growth in the UK. Clearwater’s support and sound advice during this complex cross-border debt raise demonstrated their deep knowledge of the market and clear understanding of our funding requirements.”

Chris Smith, Partner at Clearwater International, commented: “It’s been a pleasure working with the PSC management team on this transaction. We are very pleased to have secured a highly bespoke and flexible debt package to help accelerate the Group’s growth in UK markets. We wish the team every success as the company continues to grow and develop.”

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