Phoenix May Refinance to Fund Acquisitions, Mail on Sunday Says
Phoenix May Refinance to Fund Acquisitions, Mail on Sunday Says : Phoenix Group Holdings (PHNX) Ltd., the U.K.’s biggest manager of closed life-insurance funds, may refinance its 2.7 billion pound ($3.75 billion) debt to fund acquisitions, the Mail on Sunday reported.
Options being considered may include selling a stake in Phoenix’s Ignis asset management or securitizing assets, the newspaper said, citing an unidentified insider. The company has 700 million pounds in cash to finance acquisitions, the newspaper said. The board wants to have an outline agreement in place with its banks by March 29, the Mail said. Read more : http://www.bloomberg.com/news/2011-03-13/phoenix-may-refinance-to-fund-acquisitions-mail-on-sunday-says.html
