Shearman & Sterling advised BofA Merrill Lynch, Barclays, Credit Suisse, Goldman Sachs International and KKR as initial purchasers of KIRS Group’s £806 million equivalent high yield bond offering.

The offering comprised £400 million of 8.375% senior secured notes due 2023 and $520 million of 8.625% senior secured notes due 2023. The proceeds of the offering will be used to refinance existing debts and finance the acquisition of certain targets in the UK insurance industry.

The Shearman & Sterling team was led by partner Apostolos Gkoutzinis (London-Capital Markets) and included partners Caroline Leeds Ruby, James Duncan and Patrick Clancy (all London-Finance), Kristen Garry (Washington, DC-Tax), Simon Letherman (London-Tax); counsel Rebecca Marques (London-Capital Markets); associates Sara Couling, David Shennan, Warren Stapley and Charlotte Rice (all London-Finance), Melanie Probst and Steven Holm (both London-Capital Markets), Sarah Moir-Porteous (London-Tax) and Devon Yamauchi (Washington, DC-Tax); and trainees Danielle Altink, Frances Burchall, Matthew Humphreys, Omar Alkaffas and Charlie Marmion.