29th June 2022

Compre issues subordinated debt to support growth ambitions
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Compre has announces that it has raised c.$200m equivalent of subordinated Tier 2 debt in two tranches from a group of institutional investors.
Tranche one consists of US Dollar-denominated fixed rate notes of $160m, and the second tranche consists of Euro-denominated floating rate notes of €37.5m(c.$40m). The investors in the notes are specialist international investment funds. Compre was supported in the issuances by Goldman Sachs International as Sole Lead Manager.
The net proceeds of the issue of the notes will be used by Compre for its general corporate purposes, including the refinancing of existing senior indebtedness. This transaction will support Compre’s growth ambitions following a highly successful 2021 in which it acquired approximately £400m of new business including its largest transaction to date with SiriusPoint, while also further optimising the group’s regulatory capital structure.
Ian Patrick, group chief financial officer of Compre who led the issue, said: “Compre is extremely proud to have completed this debt raise, which was a considerable achievement given the current economic environment. I would like to thank all of our investors, advisers and our team who helped to deliver this, which, in turn, will enable Compre to deliver further growth and fully capitalise on our potential.”

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