Kin Group Regulatory News (KIN)

12 Oct 2006 15:00

Kiln PLC12 October 2006 Kiln plc Admission of Subordinated Notes Kiln plc announces that it has raised additional finance by means of an issue ofUS$35,000,000 Floating Rate Subordinated Notes due 2036 (the 'Notes'), whichwere issued on 11 October 2006. Following successful acquisition of capacityduring the first three Lloyd's auctions, Kiln has increased its underwritingshare on its flagship Syndicate 510 from £294.6 million in the 2006 calendaryear to £388.8 million for 2007. The proceeds from this financing will gotowards supporting this 32% increase in underwriting for next year. The Noteshave been admitted to the Official List of the Channel Islands Stock Exchangeand dealings in the Notes commenced on 11 October 2006. The Notes have beenassigned a rating of 'bbb' by A.M. Best Company. The Notes bear an interest rate of 3 Month USD LIBOR plus 3.1% payable quarterlyin arrears, and qualify as Lower Tier Two regulatory capital. Kiln chief executive officer Edward Creasy said: "Following our successfulparticipation in the recent capacity auctions we have now fully deployed themoney raised last year in line with our stated strategy. This additionalfinancing helps us to fulfil our plans to make the most of the currentattractive underwriting environment in our specialist classes of business." 12 October 2006 Enquiries: Kiln plc 020 7886 9000Peter Haynes, Chief Financial OfficerKate Rogers, Head of Communications College Hill 020 7457 2020Tony FriendRoddy Watt This information is provided by RNS The company news service from the London Stock Exchange