Aspen affiliates issue $500m in senior secured PIK toggle notes


Highlands Holdings Bond Issuer (HHBI) and Highlands Holdings Bond Co-Issuer (HHBCI) have priced $500 million of 7.625 percent and 8.375 percent senior secured PIK toggle notes due 2025. 

The issuers are controlled by funds affiliated with Apollo Global Management and are sister companies to Highlands Holdings, which is the parent entity of Aspen Insurance Holdings. 

The proceeds will finance a contribution to Aspen and its subsidiaries, pay shareholders and make interest payments on the notes. None of Highlands Holdings, Aspen or their subsidiaries will guarantee the notes. 

The offering is expected to close on October 28, 2020, subject to customary closing conditions, with the notes maturing on October 15, 2025.

HHBI is a Bermuda exempted company while HHBCI is a Delaware corporation and its direct, wholly owned subsidiary.

Highlands Holdings, Aspen, Apollo Global Management, Highlands Holdings Bond Issuer

Bermuda Re