Phoenix restructures debt to bolster growth strategy

Closed life consolidator Phoenix has comprehensively refinanced its debt to strengthen its balance sheet and better support its growth plans.

It said the package would reduce the group's debt and gearing and assist it in its aim to achieve an investment grade rating in the future. Group chief executive Clive Bannister (pictured) said: "Following our successful return to the bond market earlier this month, this new bank facility is the next step in Phoenix Group's development. The new facility allows us to simplify the group's structure and offers us greater flexibility as we execute our growth strategy. "Furthermore, under the terms of the new agreement, we have the ability to further reduce the margin on the new facility a...