Twelve Capital Group was the anchor investor in Adriatic Slovenica’s note offering, providing the company with Solvency II compliant capital for a ten year period.
On 24 May 2016, the company placed EUR50 million in notes, maturing in May 2026. Twelve Capital Group acted as anchor investor and was then joined by additional investors. These notes, which comply with the requirements of the Solvency II directive are listed on the Irish Stock Exchange (on the GEM – Global Exchange Market). The proceeds will be used for strengthening the capital adequacy of the issuer and for purchasing KD Funds, which is one of the steps towards the implementation of the long-term strategy of KD Group. The issue of the notes has been arranged by Jefferies as lead manager and sole book runner.
Daniel Grieger, Managing Partner and Head of Private Debt of Twelve Capital Group, says: “Private Debt transactions with high quality mid-sized insurers is appealing investment content for our investors looking for attractive yields with low duration. This is our first transaction in Slovenia and therefore adds further diversification to our Private Debt investment vehicles.”
Ulrich Beck, ED, leading Twelve Capital’s sourcing of Private Debt transactions in Europe, says: “This transaction is a clear example that financing capacity provided by Twelve Capital Group supports insurance companies in their quest to strengthen and to create a more efficient capital base. There is substantial potential in the debt market for small- and mid-cap insurers. In addition, we are pleased to have been introduced to Adriatic Slovenica via Jefferies who, along with many other major intermediaries, work closely with us around our Private Debt investments.”
