Global insurance and reinsurance intermediary Howden Group has raised approximately $703 mn in gross proceeds through an add-on issuance to its existing senior notes, expanding funding capacity for future growth.
The transaction consisted of a $690 mn add-on to the group’s $500 mn 8.125% senior notes due 2032. The notes are expected to be listed on the Official List of The International Stock Exchange.
The additional notes were issued at 101.875% of par, signalling solid institutional demand, and were placed under Rule 144A and Regulation S of the US Securities Act of 1933.
Following the add-on, the total size of the 2032 senior notes stands at $1.19 bn.
Howden provides broking, advisory and risk management services across retail, specialty and wholesale markets, serving multinational corporates, SMEs and individuals across multiple jurisdictions.
The new capital is intended to enhance financial flexibility and support both organic expansion and targeted acquisitions.
The latest issuance builds on previous fundraising, including the original $500 mn senior notes, bringing the total size of the notes to $1.19 bn following the add-on.
Chief investment officer Mark Craig said the outcome reflects continued support from credit markets. The issuance follows a high-yield bond transaction completed in February 2024.
This successful transaction follows our high yield bond issue in February 2024. We received strong demand and priced the offering above par, benefitting from continued confidence among credit investors in Howden’s sustained performance and growth plans.
Mark Craig, Howden Group CIO
As part of the transaction, Howden confirmed that its credit ratings were reaffirmed in January 2026, with Moody’s maintaining a B2 Stable rating and S&P affirming a B Stable rating.
The group also pointed to its long-dated maturity profile, noting that it has no material refinancing requirements until 2030, providing additional balance sheet resilience and flexibility.
